Bitcoin price surges over 8% in 1 hour

Bitcoin breaks through its bearish streak as it crosses $8300 in trading value. The king coin reached its lowest with a drop to $7,400, raising concerns about another depreciation. Breaking the downward trend, Bitcoin witnessed a 8% hike in 1 hour.

Source: Trading View

Evidenced by the above graph, exchanges such as Bitstamp and Coinbase reported over 11% surge, just in the past hour. Previously, Bitcoin had charted a “death cross” with recent $7,400 drop. Following suit, the altcoin markets also leveraged Bitcoin’s reversal, gaining fairly strongly on the day.

Source: CoinMarketCap

Among the lot, Bitcoin Cash, Ethereum and Bitcoin SV witnessed the highest returns, with each clocking over 10% returns in 24 hours. It is important to note that Bitcoin’s sudden surge in trading value, as speculated previously, validates the argument that the death cross is a contrary indicator. At press time on Friday, Bitcoin was fluctuating around the new levels, still down around 8% versus the beginning of the week.

Source: Trading View

The king coin settled at a value of $8481.94, supported by a weak support at $8000 and no prominent resistance to hold the price explosion. While the surge comes as a good news for investors, seasoned players speculate Bitcoin to return to its $10,000 position.