Bitcoin’s parabolic surge causes price to hit $7,000; is this the new bull run everybody was waiting for?

Bitcoin’s rally in the past 10 hours is nothing short of a miracle, as it has pumped by 11% in over 10 hours, causing the price to surge from $6,200 to $7,000.

The market cap of Bitcoin has reached $125 billion and its dominance has hit 58% after the prices hit a new high of $7099. The 24-hour price change has caused Bitcoin to reach 11%.

Hourly Timeframe

At press time, the one-hour chart of Bitcoin showed a small correction in play after hit a high of $7,464. However, the price was currently at $7,132.

Source:: TradingView

Weekly Timeframe

Source:: TradingView

The price of Bitcoin on a weekly timeframe the price of Bitcoin had briefly touched the August 2018 highs for the first time. On this time frame, Bitcoin is in the resistance zone that extends from $$7,390 to $5,791; if the weekly close, which is on May 13, closes above $7,390, it would be a massive bullish signal for Bitcoin.

The sudden surge has definitely caught everyone by a surprise and there are quite a few people who believe that this could be the bull run; however, some are under the belief that this is a short squeeze that will be exhausted soon.

Justin Sun, the founder and CEO, of Tron, tweeted:

CZ, the founder and CEO, of Binance, tweeted:

Although the CZ’s tweet showed a bullish bias on Bitcoin’s move, it was deleted a few minutes after later. Bitcoin’s surge is staggering as it has risen by approximately 114% since the start of 2019 and more than 80% of the rise took place in under 50 days.

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