Over the past seven days Bitcoin has surged roughly 30%, recalling the explosive moves seen in 2017. According to eToro, Bitcoin is currently trading just above $8,000 — hitting highs near $8,309 — and as the leading cryptocurrency continues to climb, further gains are widely anticipated.
All year long analysts identified the $6,000 level as a key resistance point that had been holding back Bitcoin’s advance.
With the decisive breakout we’ve witnessed, it’s not surprising to see prices clear the $8,000 mark. Those levels haven’t been seen since last July, and if Bitcoin reaches $8,474 — a level we were close to at the time of writing — the immediate target shifts toward $10,000.
Traders are firmly positioned in a bullish market, searching for safe entry zones or the next value peaks. New traders often face the choice of buying on exchanges or through a broker. For convenience and speed, buying through a CFD provider like eToro can be preferable, especially given the additional liquidity a broker often provides. In simple terms, that can allow you to execute trades closer to your desired price and makes selling easier when needed.
Why has Bitcoin’s value risen?
The exact drivers behind this rally are not yet clear, but a few coinciding factors may offer plausible explanations.
Is Bitcoin a safe haven?
First, could Bitcoin be acting as a safe-haven asset? With trade tensions between the U.S. and China intensifying and periodic breakdowns of ceasefire talks, global equity markets have experienced sharp drawdowns this year. Traditional safe havens like gold and the Japanese yen gained value while Bitcoin rallied as well, suggesting that some investors may be treating Bitcoin as an alternative refuge.
Coincidence with the Binance incident
Another notable coincidence is that much of this movement occurred while Binance was temporarily offline following a hack that resulted in the theft of more than $40 million in Bitcoin. During the exchange outage, Bitcoin experienced multiple rallies. Binance CEO Changpeng Zhao proposed a blockchain rollback, a suggestion quickly rejected by the community. That episode emphasized the crypto ecosystem’s resiliency, which may have given investors additional confidence to buy Bitcoin.
ICOs and mainstream media coverage
Other contributing factors might include the winding down of the ICO market — though ICOs have already been in decline since mid-2018 — and continued coverage in mainstream media. Coverage by outlets like Bloomberg has highlighted Bitcoin for institutional investors that remain active in trading. Additionally, CME Group registered record volumes on May 13, which likely bolstered confidence among institutional and retail participants in the crypto market.
Can we expect further gains?
Although the precise cause of this price surge isn’t pinpointed, several factors are strengthening market confidence. From a technical perspective, the next clear resistance target is $10,000. Investors considering entry should research the best platforms to buy and may find that short-term pullbacks create buying opportunities. A meaningful support level to watch would be around $7,500, though any brief dip could present an attractive entry for buyers.
Will altcoins follow suit?
Historically, altcoins tend to rise when Bitcoin rallies, and this episode appears to be following that pattern. Ripple (XRP) led many altcoins with a roughly 20% price increase, while Ether’s gains were more gradual but still significant.
Ripple may be one to watch closely as it approaches yearly highs, with resistance near $0.376 according to eToro data. Subsequent upside targets would sit near $0.45 and $0.56 if momentum continues.
For readers interested in buying Bitcoin, we have tested various providers to identify the strongest options on the market. Below are our current recommendations and considerations for selecting a platform that fits your needs.