Bitcoin jumped more than 5% to £7.3k ($10.3k) in just 20 minutes and everyone went wild. The first reports attributed the rise to technical traders playing the break out of a falling wedge – a classic bullish pattern.
It has since been sitting within a 1.5% range of that level, allowing bulls to be confident in the rise. The day traders were likely helped with the confirmation of a long circulating rumour that we’ll cover below!
Meanwhile, in the game of cryptos, the top 100 projects lost 3% on average against bitcoin. Due to bitcoin’s rise, however, these cryptoassets managed to appreciate 4% in dollar terms – showing how difficult it is to balance the conflicting goals of accumulating fiat or crypto!
Traders are now looking at the key level of £7.95k ($11.1k) to determine bitcoin’s next direction shift and its influence on alts’ prices. Especially considering that some projects, such as NEO and GAS – its utility token – seem to have escaped BTC’s gravitational pull, rising 20% due to the ONT airdrop.