After touching below $6,000 twice the past month, Bitcoin gained 10% on Tuesday, reaching a high of $7,387.24–its largest price increase in three months. Bitcoin’s push past the $7,000 mark is the first time the cryptocurrency crossed that price threshold in five weeks.

Cryptocurrency analysts say the jump is largely attributed to Bitcoin reaching critical technical levels following a sell-off since the beginning of this year. Bitcoin surpassed the $20,000 price mark last December, but has fallen unceremoniously since then.

Related: The Tumultuous Journey of Bitcoin and How Cryptocurrencies Work

“The $6,800 level was massive resistance for three weeks and I think people were shorting against that and they just got their face ripped off,” said Brian Kelly, CEO of BKC.


Bitcoin Gains 10%, Largest Increase in Three Months 1

Per MarketWatch, the latest rally “has been aided by four consecutive winning days, which if gains hold also would represent its longest stretch since April. A single bitcoin last changed hands at $7,371.87, up 10.7% since Monday 5 p.m. on the Kraken crypto exchange.”

Subscribe to our free daily newsletters!
Please enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events.