Bitcoin Price (BTC) Makes a Run for It; Touches April High at $8,000+

Bitcoin’s price saw a massive surge today, crossing $8,000, reaching this month’s all-time-high.

Bitcoin just went on to cross the $8,000 price mark in a sudden move, after which it corrected slightly to sit at the current price of $7,700.

After a rather mellow April in terms of price, Bitcoin seems to be coming back to life, although the reasons for the spike are as yet unknown. The last time BTC saw $8,000 was near the end of March, after which it dropped and kept moving in the $6k - $7k range.

According to the BTC/USD chart, the leading cryptocurrency found resistance on its way beyond $8,000, but has found temporary support at the 0.236 fib level. Interestingly, the resistance and support today match the price levels from march, as shown in the screenshot below.

Looking at the RSI, BTC is clearly overbought at the moment, but it remains to be seen whether it continues to hold in this channel or drops below the 0.236 fib, after which it could find support at the 0.382 level.

Other digital currencies also seem to be benefiting from the boost, with Cardano (ADA) rising above $0.19, but EOS seems to be thebig gainer this week, rising over 30% in the last 24 hours.

Since the market reached its peak in early January this year, Bitcoin and other currencies have been on a downtrend, with only minor reliefs along the way. While the recent slump can be attributed to several factors, including the effect of futures markets, Chinese new year, U.S tax season and the general regulatory environment, there is no denying that crypto markets are prone to insider trading and market manipulation by whales.

Given this, it may not be wise to chase price surges like today’s until some stability is reached and a trend reversal is confirmed.