Categories: Crypto Review

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

The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team
Tags: Bitcoin

Recent Posts

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

2 days ago

USDCHF Wave Analysis 20 December 2024

- USDCHF reversed from resistance zone - Likely to fall to support level 0.8860 USDCHF…

2 days ago

The US dollar ends the year on a strong note

The US dollar is at two-year highs. Factors such as changes in the Fed's monetary…

2 days ago

How deep will crypto dive?

The crypto market is experiencing a decline, with a potential further drop in value. Bitcoin…

2 days ago

EURGBP Wave Analysis 19 December 2024

- EURGBP reversed from support zone - Likely to rise to resistance level 0.8300 EURGBP…

3 days ago

EURJPY Wave Analysis 19 December 2024

- EURJPY broke resistance zone - Likely to rise to resistance level 165.00 EURJPY currency…

3 days ago

This website uses cookies