Bitcoin has surged to $38,000 following a remarkable day of price action that saw it rise from its daily open of $33,500.
The world’s largest cryptocurrency has caught a wave of hype and euphoria from the Wall Street Bets phenomenon on Reddit, with Tesla CEO Elon Musk going so far as to change his Twitter bio to “Bitcoin”.
This prompted a ferocious rally in the early hours this morning, with many speculating over whether the high-profile billionaire had bought into Bitcoin.
Volatility peaked at 2:30pm when US markets opened, leading to a slight correction in the price of Bitcoin as it slumped from $38,500 to $36,500.
However, from a technical perspective it is hard to deny its bullish posture even though the rally may have been inflated due to social media hype.
Bitcoin has now broken out of the descending triangle dating back to January 15 as it looks to take out the bitter $40,000 level of resistance.
Altcoins like Ethereum have also fared well, but it has been DogeCoin that has stolen the show with a quite momentous 800% rally to the upside after it was bought up by the Wall Street Bets community on brokerage apps like Robinhood.
Whether or not this rally continues into the weekend remains to be seen, but as traditional markets are closed trading communities may switch their attention to 24/7 assets like Bitcoin.
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Disclaimer: This article is not intended as financial advice. The owner of this article does not own or have a vested interest in any of the aforementioned assets.
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