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$13,000: Bitcoin Price Jumps 30% in 8-Day Gains; What’s Behind the Recovery?

Joseph Young
Bitcoin is trading in the green on Wednesday, against the wider market. | Source: Shutterstock

In the past 24 hours, the bitcoin price has seen a gain of around $1,000 and surpassed $13,150 across major crypto exchanges, demonstrating strong momentum against the U.S. dollar.

The bitcoin price is up 30 percent in the past eight days against USD

The upside movement of bitcoin comes after it saw a large pullback in the tune of 30 percent earlier this month during which the dominant crypto asset dipped to as low as $9,700.

Bitcoin is up 30% in just over a week, what are some factors?

Since dropping below $10,000, the bitcoin price has surged by more than 30 percent in eight days.

Technical analysts have said that the recovery of bitcoin from relatively large short term corrections have strengthened the foundation of the current rally of the asset.

One crypto technical analyst said:

The BTC Bull Run barely even started. According to 2015 fractal, the road to 6 digits was confirmed when we broke $10K. It will be a journey packed with FUD, bans, hacks and all sorts of manipulations. But nothing worth having comes easy, especially financial freedom.

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