April 12, 2018 - CoinMarketCap
Prices in Bitcion soared nearly 10% in today's market after having spent nearly two weeks hovering around $6,500-$7,000 USD.
The coin reached its two week high today to around $7,796 at 4:00AM PST. This news is great for bull investors as Bitcoin has been trading sideways in a narrow price range the last few weeks.
According to WhaleCalls, the cryptocurrency picked up bids at $6,766 and rode the wave up to $7,000. This move triggered stop losses on short trades. Techical buyers may see this growth as an upside break and could trigger a huge increase in daily trading volume.
Furthermore, the sudden jump in bitcoin prices forced traders who had previously bet against the cryptocurrency to buy back into the market.
"Once Bitcoin broke higher, shorts were squeezed and forced to cover," says Brian Kelly, CNBC contributor and manager of BKCM, an investment firm focused on digital currencies.
Traders indicate that Thursday's big Bitcoin move could be an unwinding of pressure built up from the April 17 tax deadline. This regulatory move startled investors but may investors think Bitcoin prices can recover even further than they have.
Bitcoin wasn't the only successful cryptocurrency today either with Ethereum gaining nearly 7% as of 10:00AM PST. Other movers today include Ripple with an increase of 11.5% and EOS with an incredible 20% increase in price.
It's green across the board for cryptocurrencies as today may mark a new trading floor for Bitcoin investors. BTC will likely break through $7,100, confirming a falling wedge reversal and move towards the resistance lined up at $7,500.
More information will be posted as it becomes available.