Bitcoin price sees 20% gains in 24 hours in a new rally

Bitcoin’s volatility is typically a phrase taken in a negative context. This is not really surprising, as the phrase usually emerges whenever the price drops, and such incidents are often severe. This time, however, the price is on the rise, and the rise is more than noteworthy.

Bitcoin leads a massive new rally

In the last 24 hours, Bitcoin skyrocketed by 20%, with its price going from $7,700 to over $9.400 at one point. The coin had a few minor ups and downs during this period, whenever it hit a major resistance, such as the ones at $7,800 and $8,800. However, those levels quickly fell before the rising price.

The coin seemed to be well on its way to wards the $10k mark before seeing a mild correction to $9,200. It currently sits slightly above this level, and it seems to be gathering its strength to have another go.

And, naturally, as Bitcoin surges, traders and investors keep flooding the exchanges, rushing to find a place to buy Bitcoins. Binance has seen a massive surge of its trading volume, as its CEO, Changpeng Zhao recently reported.

He noted that the exchange’s volume exceeded $12.5 billion, which is impressive, even for an exchange of this caliber.

wow, $12 billion! pic.twitter.com/tlYJJyOjuF

— CZ 🔶 BNB (@cz_binance) April 30, 2020

Where will BTC go from here?

Bitcoin trading is definitely on the rise, but even so, investors are impatient to figure out what’s about to happen next? After all, when Bitcoin starts breaking resistances, there is no telling when it might stop, and what level it might hit next. It could easily stop dead in its tracks right now, or break $10k resistance in the next half an hour.

Add the Bitcoin halving that is less than two weeks away now, and it is a small wonder that the situation is so intense. However, while expectations for BTC to hit the $10k mark are not unfounded, there are other obstacles before that.

One of them is a $9.6k resistance, which needs to come first. Besides, advancing slowly is better than making sudden violent moves. So, even if Bitcoin starts slowing down, that still doesn’t mean that it is done with its advances.

One thing seems certain, and that is that Bitcoin seems to have completely shed coronavirus’ impact and that it is ready to return to its proper pre-halving behavior.