The bitcoin price broke out of its early-week slump on Thursday, scrambling back above $6,700 to return to its weekend levels.
Bitcoin had entered the week near $6,700 after briefly extending as high as $6,815 last Friday. However, the flagship cryptocurrency took a moderate dip on Monday, a correction that ultimately forced BTC below $6,400 on Tuesday ahead of a recovery back to $6,500 on Wednesday.
That’s where BTC/USD continued to trade for most of Thursday morning and afternoon, at least until 19:48 UTC when a surge in volume carried the bitcoin price from $6,549 to $6,690 in less than four minutes. At 20:02 UTC, bitcoin broke past $6,700 for the first time since Sunday and popped as high as $6,745 one minute later. As of the time of writing at 21:09 UTC, BTC/USD was trading just above the $6,700 level at $6,702 on Bitfinex.
Several traders have noted on social media that tomorrow, Sept. 28, is the date that quarterly futures expire on OKEx, BitMEX, and CME, events that tend to be accompanied by increased price volatility in the spot markets.
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Featured Image from Shutterstock. Charts from TradingView.
Last modified: March 4, 2021 3:44 PM