Bitcoin rose by more than 10% on Tuesday, surpassing the $ 7,000 level after weeks of steady but lower prices. The most precious virtual currency in the world moved much higher in the late afternoon yesterday reaching $ 7,500, the highest level since 9 June.
Cryptocurrency experts have said that the price jump has more to do with the technical levels of any other catalyst.
The $ 6,800 level was a massive resistance for three weeks and the exceeding of this share generated a technical buy signal, after which the market reached another major resistance represented by the 100 day moving average that stopped the movement, the next purchase signal will be the breakout of this resistance which passes to 7,600 dollars.
Mark Newton, president and founder of Newton Advisors, said the technical models in recent days suggest that the bitcoin could continue up to $ 8,000, “with no real news to help explain to us why”.
Earlier this week, the asset management giant BlackRock confirmed that it had organized a working group tasked with examining cryptocurrencies and blockchain technology, which, according to some, led to price increases.
Thanks to the bitcoin rally, all the major cryptocurrencies have gained value, Ripple XRP has finally exceeded $ 0.50 reaching a maximum of 0.52 while the price of Ethereum (ETH) has risen above 500 dollars.
Stellar Lumen, on the other hand, was the cryptocurrency which obtained higher earnings (+ 20%) after the listing of Kucoin and the announcement of Coinbase according to which it could be added to their trading platform together with four other cryptocurrencies: Basic Attention Token, Cardano , Zcash and 0x.