Bitcoin [BTC] broke $7000 in the earlier hours of trading today as the cryptocurrency market pumped, adding about $20 million to the price. The coin has since corrected to trade around the $6800 mark, with USDT premiums on Bitfinex keeping the price at around the $7400 mark.
On CoinMarketCap, the price hike described by the coin was up to $7200, marking a 12% increase at the height of the rally. The price is currently up by 8.2% over the past 24 hours, a welcome relief after a month of sideways movement. The market rally seems to be led by the hike of Ethereum [ETH] which preceded the rest of the market pumping.
7- day price graph of Bitcoin | Source: CoinMarketCap
Bitcoin was trading in a closed space over the past month and remained unable to go past the $6600 mark. This was defined as a crucial resistance level for the coin, with multiple rebounds over the past month. The new resistance defined by the coin is now at $6950 in traditional markets.
It exhibited sluggish sideways movement after a drop from the $7000 levels in September 2018. The volatility of the coin was at a low, with trading volume exhibiting similar symptoms. Now, the market is exhibiting healthy trading volume as it doubled over the course of the hike, from $2.3 million to about $5.5 million currently.
The coin is trading at around $7000 currently on Bitfinex amidst rumors of insolvency. The basket of problems experienced with Bitfinex is added to by the slip of the price of USDT, which is reportedly pegged 1:1 to the value of USD. USDT is now trading at $0.95, a 5% drop from its usual price of $1.
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