Bitcoin, the big daddy of the crypto market, broke the resistance level of $7500 today, after re-entering the bullish zone above $7000.
The surge came after a drop to $6,750 support level earlier this week. Boosted by an overall shift in risk bias, cryptocurrencies climbed up on Thursday, with Bitcoin surging past $7,500 for the first time since the first week in March.
Bitcoin rose as high as 8.9% to trade at $7,538 at 10.10 am local time, with a market capitalization of over $138 billion, and a daily trading volume of $42.4 billion.
Bitcoin and other cryptocurrencies have significantly moved in correlation with riskier assets since March, plunging when major stock markets around the world came under pressure, and surging when global equity markets gained.
A closer look at Bitcoin using technical indicators shows that Bitcoin will have to break the $8000 resistance level, to keep the momentum going upward.
A break lower than the $7000 support levels could mean Bitcoin dropping to about $6,500, another support level.
Meanwhile, Arcane Research posted data via Twitter showing that the weekly quantities of Bitcoin bought by the people of Argentina has surged by a whopping 1028% since early 2018.
This rise in demand for Bitcoin by Argentines is happening as Argentina is about to default on its sovereign debts.