- Bitcoin’s price jumped by more than $1,820, potentially marking a yearly high beyond $25,000.
- The surge was caused by an increase in hash rate and short liquidations, as well as a consolidating DXY index.
- Bitcoin is close to slicing through its 200-day weekly MA and could reach $25K at any moment from now.
Bitcoin Price Jump
Bitcoin price marked the single most significant green candle for the first time since 9th September 2022 with a jump of $1,820. The trend is believed to remain elevated until the token marks the yearly highs beyond $25,000 which is expected to occur in a short while from now. Cryptocurrency markets have been surging heavily as global market capitalization saved itself from dropping below $1 trillion, rebounding beyond $1.12 trillion. Bitcoin’s price has risen by more than 10% since early trading hours, reaching levels beyond $24,600 for the first time since August 2022.
Factors Behind Surge
As Bitcoin surged significantly higher today, it can be attributed to several factors. Firstly, the hash rate – processing power of network to process transactions and create new tokens – reached its all-time high (ATH). This means that more nodes are competing among themselves to validate transactions resulting in the network becoming much more decentralized with less risk of a security breach. Furthermore large short liquidations over $78 million were recorded in previous days helping push prices higher by over 12%. Lastly consolidation on DXY Index also provided support leading up to this recent surge in BTC prices towards new highs.