The majority of BTC traders and investors were secretly hoping that Bitcoin price would correct all the way back down to $6k or lower. This would provide ample opportunity to accumulate for a bigger bull run later this year. Their hopes have been dashed this Sunday morning as Bitcoin surged again during Asian trading.
Bitcoin Price Sunday Surge of 9%
For the best part of the past day, Bitcoin price 00 has remained range-bound between $7,250 and $7,400. It broke out of this channel a couple of hours ago during the Asian session and surged 9 percent to hit $7,920 according to Coinmarketcap.com. Daily volume had trailed off by half over the past few days but had already started to ramp up this morning.
Just yesterday it appeared that Bitcoin was taking a breather, possibly poised to drop back to major support zones. A number of prominent analysts were eyeing $6,400 or lower for a possible retracement. At the time of writing, this looks unlikely as the bulls have taken control of the markets again.
CNBC got it completely wrong as…