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Bitcoin Surges Towards $9K

Apr 29, 2020 · 2 min read

By Kevin Kelly, CFA

Bitcoin is on pace for its best day in over five weeks on the back of its +10% surge in the last 18 hours alone (as of this writing). BTC peaked just a shade shy of $9,000 before pulling back to its current level around $8,750.

Today’s price action exemplifies how quickly crypto markets can move once key resistance levels are breached. A sense of “FOMO” kicks in as buying begets more buying, Crypto Twitter explodes, and next thing you know BTC is within striking distance of $9,000.

BTCUSD vs. Daily % Change (Bottom Panel)

In last week’s market commentary, we noted the setup for a potential BTC breakout given weeks of price consolidation. Bitcoin was

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