Bitcoin Surges Over $6,800 Following Strong 24 Hours of Trading

News and Analysis

Price of the world’s biggest cryptocurrency broke out of its early-week slump on Thursday, scrambling back above $6,700 to return to the levels it last traded on weekend, and ultimately hitting the $6,800 mark on Friday morning.

Bitcoin had entered the week near $6,700 after briefly extending as high as $6,815 last Friday. However, BTC took a moderate dip on Monday, a correction that ultimately forced the cryptocurrency below $6,400 on Tuesday ahead of a recovery back to $6,500 on Wednesday.

That’s where BTC/USD continued to trade for most of Thursday morning and afternoon, at least until 19:48 UTC when a surge in volume took the Bitcoin price from $6,549 to $6,690 in less than four minutes. At 20:02 UTC, the flagship cryptocurrency broke past $6,700 for the first time since Sunday and popped as high as $6,745 one minute later.

It took Bitcoin another 12 hours to ultimately go through the $,750 level on Friday morning, hitting $6,826 on Bitfinex at 07:15 UTC.

As of the time of writing at 08:15 UTC, BTC/USD was trading the $6,800 level at $6,773 on Bitfinex with the price increase of 4.52 percent over the last 24 hours of trading.

Several traders have also noted on social media that Friday, September 28, is the date that quarterly futures expire on OKEx, BitMEX, and CME, events that tend to be accompanied by increased price volatility in the spot markets. Probably, it comes with a little surprise that it is BitMEX that tops the BTC volumes over the past 24 hours with almost $2.3 billion traded.

Otherwise, Bitcoin has had a couple of positive updates so far this week, allowing traders to take some attention off pending Bitcoin ETF applications. First is Google’s plans to reverse its Bitcoin and ICO ad ban on its Adwords platform by next month, which should bring a fresh round of interest from the general public. However, the tech giant will only allow ads from regulated companies targeting audiences in the US and Japan.

Also there is the Bitmain IPO filing which came with a release of their financial statements. Revenues and profits have grown exponentially over the past couple of years, and going public could mean more gains for the Chinese Bitcoin mining giant.

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