The price of Bitcoin ( BTC ) rose above key resistance levels on April 23 as the bulls took control and pushed the markets 10% higher.
Daily summary of the cryptocurrency market. Source: Coin360
BTC price rises USD 700 in hours
Data from Coin360 and Cointelegraph Markets showed that the BTC / USD pair was gaining $ 700 during trading on Thursday, hitting $ 7,760 before retreating lower.
Volatility was high at press time, Bitcoin's price hovered around $ 7,520.
Bitcoin price chart for 1 day. Source: Coin360
The measure surprised many analysts and traders. Previously, the annual starting range for the Bitcoin price of $ 7,200 was the recapture level to improve bullish prospects.
Nonetheless, Bitcoin overturned its 50-day moving average resistance to gain support earlier in the week , hinting that the fortress was returning to the cryptocurrency.
The focus remains on the block reward that will be cut in half in May, something that could seriously affect price performance as the supply of new Bitcoins will drop by 50%.