Last week ended with Bitcoin making yet another frog leap from the consolidation level at $6700 to the current phase of buying pressure at $7400. This price increase happened on the background of optimism, displayed on the traditional markets, which are believed to have an increasing correlation with that of Bitcoin.
A 5% price appreciation of the S&P 500 index translated to the 9.7% spurt performed by Bitcoin during a day and a half of trading, resulting in the new higher high at $7400. Over the week, BTC has shown a 16% price increase, which is only 0.4% short of its cumulative losses during the previous month. The first cryptocurrency, however, is still 8% below the point of the total recovery, but that gap could be narrowed, or even closed completely, in a matter of days, if not hours, given that the present bullish pressure persists.
4-hour Bitcoin/USDT chart