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Bitcoin breaks $7,000 again, with most of the top 20 cryptocurrencies reporting moderate gains.
Wednesday, April 22 — most of the top 20 cryptocurrencies are reporting moderate gains on the day by press time. This mid-week rise comes after Bitcoin (BTC) broke the $7,000 mark for the third time this week.
Market visualization courtesy of Coin360
Bitcoin price is currently up by 3.72% on the day, trading at around $7,079 at press time, according to Coin360. Looking at its weekly chart, the coin is up by about 5%.
Bitcoin 7-day price chart. Source: Coin360
An experienced trader told Cointelegraph that it is important that Bitcoin broke the $6,950 level. He also explained that keeping the price over $6,400 is important to avoid a major downward movement, adding that if Bitcoin manages to break $8,200, the upwards volatility of the asset could increase greatly:
“When Bitcoin’s price consolidates over $8,200, the trend will be really strong and positive. We could see new highs before the end of 2020.”
The total market capitalization of all cryptocurrencies at time of publication is $203.1 billion. That’s about 5.12% higher than the value reported a week ago.
In the traditional markets, the US stock market is seeing slight gains today as well, with the S&P 500 up 1.61% and the Nasdaq up 1.85% at press time. The CBOE Volatility Index (VIX), on the other hand, has lost 4.25% during the same period.
Major oil futures and indexes are seeing mild gains today, with WTI Crude up nearly 27%, Brent Crude up 12.11%, and Mars US down 52% at press time. The OPEC Basket is down by nearly 22% and the Canadian Crude Index has gained 35% over the 24 hours by press time, according to OilPrice.
As Cointelegraph reported earlier today, an analyst recently claimed that if Bitcoin manages to regain and hold $7,200, the market will rally until the upcoming block reward halving.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.