Bitcoin Price Breaks $7,000 as US Stock Market Sees Minor Uptick

Wednesday, April 22 — most of the top 20 cryptocurrencies are reporting moderate gains on the day by press time. This mid-week rise comes after Bitcoin (BTC) broke the $7,000 mark for the third time this week.

Market visualization courtesy of Coin360

Bitcoin price is currently up by 3.72% on the day, trading at around $7,079 at press time, according to Coin360. Looking at its weekly chart, the coin is up by about 5%.

Bitcoin 7-day price chart. Source: Coin360

An experienced trader told Cointelegraph that it is important that Bitcoin broke the $6,950 level. He also explained that keeping the price over $6,400 is important to avoid a major downward movement, adding that if Bitcoin manages to break $8,200, the upwards volatility of the asset could increase greatly:

“When Bitcoin’s price consolidates over $8,200, the trend will be really strong and positive. We could see new highs before the end of 2020.”

The total market capitalization of all cryptocurrencies at time of publication is $203.1 billion. That’s about 5.12% higher than the value reported a week ago.

In the traditional markets, the US stock market is seeing slight gains today as well, with the S&P 500 up 1.61% and the Nasdaq up 1.85% at press time. The CBOE Volatility Index (VIX), on the other hand, has lost 4.25% during the same period.

Major oil futures and indexes are seeing mild gains today, with WTI Crude up nearly 27%, Brent Crude up 12.11%, and Mars US down 52% at press time. The OPEC Basket is down by nearly 22% and the Canadian Crude Index has gained 35% over the 24 hours by press time, according to OilPrice.

As Cointelegraph reported earlier today, an analyst recently claimed that if Bitcoin manages to regain and hold $7,200, the market will rally until the upcoming block reward halving.