Bit-comment: Bitcoin spiked 19% to $7,500 over weekend

Bitcoin was again in the focus of the crypto market during the weekend. However, it is not surprising, considering that from Friday to Saturday BTC gave an opportunity to earn big money to those who were “buying”: Bitcoin spiked 19% and reached $7,500. At the same time, such an impressive dynamics was supported by trading volumes at the level of $30 billion, which is a historical maximum for the first cryptocurrency. By the beginning of the new week, BTC corrected to $7,000.

Probably, the growth impulse fueled by the appearance in the list of the largest wallets of the new “whale”. There was a purchase of +47000 BTC ($333 million at the current exchange rate) on one of the wallets on May 12, which put this wallet immediately on the 14th place among the largest Bitcoin owners. At the moment, the dynamics of the benchmark cryptocurrency exceeds even the most optimistic expectations. In recent days, the RSI on the daily charts has risen sharply above 70, returning to the overbought area. Formally, this is a sign of a strong rally, however, if the index stops its growth and falls back below 70, is often seen as a sign of a subsequent correction.

The FxPro Analyst Team