[UPDATE] Bitcoin Surges To Over $7,000–Here’s Why
Story by: Billy Bambrough
UPDATE—Bitcoin, which has been defying gravity this week following a serious security breach and theft at the world’s biggest cryptocurrency exchange, Binance, has surged today by more than 10% to over $7,000, its highest so far this year.
The bitcoin price, beginning the year at under $4,000, hit $7,049 on the Luxembourg-based Bitstamp exchange earlier this evening. The wider cryptocurrency market followed bitcoin higher, with major digital tokens ethereum, bitcoin cash, litecoin, and EOS all making double-digit gains over the last 24 hours.
Bitcoin’s steady climb to $7,000 appears to be due to improving bitcoin and crypto sentiment and technical data spurring on the market.
The bitcoin price has been climbing steadily so far this year, causing many to call an end to long so-called crypto winter.
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Earlier this week a closely-watched technical indicator appeared to show the bitcoin bull run could be back after bitcoin and the wider cryptocurrency market slumped throughout 2018 following bitcoin’s epic run the year before.
Bitcoin’s relative strength index (RSI), used to identify the momentum behind asset prices, this week registered its highest value since the beginning of 2018—shortly after bitcoin hit its all-time highs.
Original story: https://www.forbes.com/sites/billybambrough/2019/05/11/bitcoin-just-bounced-to-almost-7000-heres-why/#307f87124183
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