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Bitcoin Price Recovers Above $7,500

Bitcoin (BTC) has gained over 5% in the last 24 hours to see its price recover above $7,500.

Bitcoin’s 24 hour open stood at $7,054.70, according to the Coindesk Bitcoin Price index that tracks the top crypto’s real-time performance. The 24 hour low is $6,851, while BTC has gained $532.10 over the same period. The gains see BTC exchange hands at prices above $7,500.

An earlier uptick saw prices rise to a high of $7,660 on the day.

On Monday, November 25, Bitcoin dropped below $7,000 and slid close to $6,500 as it breached multiple support areas. The benchmark crypto has however recouped most of the losses posted over the week and broken above key resistance zones to reclaim $7,000.

Sentiment is still extremely fragile, and projections that BTC could consolidate around $7,200 still hold. However, after clearing major resistance at $7,400, Bitcoin has hit an intraday high above $7,600 and currently looks to solidify gains above $7,500.

A strong bounce above current prices for Bitcoin (BTC) could embolden bulls and help push prices higher as investors open new positions.

Altcoins mirror BTC

Most of the altcoin market is also trading north as gains mirror Bitcoin’s +5 percent bounce on the day.

Ethereum (ETH) has gained over 5.76 percent to currently trade at $154.81. ETH continues to gain above $150 after opening at $148.05. The second-largest cryptocurrency by market cap has touched an intraday low of $145.84 and a high of $155.76. Further upsides are likely to see ETH hit price levels close to $175 over the weekend.

Other altcoins are also showing signs of slight recovery, as markets shrug off the latest hack involving South Korea based crypto exchange Upbit. Hackers reportedly made off with close to $50 million worth of ETH.

XRP has also gained modestly to see its price jump +3.8 percent on the day. The third-largest cryptocurrency as per market cap currently trades at $0.226 to the dollar. While intraday gains point to a slight recovery, XRP remains weak and a downside could take its price below $0.20.

Monero (XMR) is up by more than 7 percent, Cardano (ADA) 6.3 percent and Tron (TRX) 5 percent.

Featured Image courtesy of Shutterstock.

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