Bitcoin Blasts Past $79K as Analyst Says a New Bull Market Has Officially Begun

Following weeks of muted trading action‚‌ Bitcoin’s resurgence is changing short-term outlooks as the largest cryptocurrency climbed above $79,000 to its highest level since late May.

The cryptocurrency’s latest ascent added over $11,000 to its‌ value in a period of almost 48 hours. BTC consolidated on several occasions after failing‌ to break above the $65,000 level. The coin pulled back to the‌ $62,000-$63,000 range before sharply reversing.

Bitcoin shot past‌ the $70,000 mark and breached the $71,000-$72,000 resistance. It then saw another round of buying that pushed it towards‌ the $79,000 range.

This is about an 18% move in less than 48 hours, in a market that has largely traded within a much tighter‌ range than that in the past.