Bitcoin (BTC) climbed above $79,300 on Wednesday, reaching its highest level in 11 weeks.
The move represents a 3.8% gain in the 24-hour window, with CoinGecko data showing a total market cap above $1.57 trillion for BTC alone.
Price Action and Volume
CoinGecko data places the 24-hour trading volume for Bitcoin at approximately $51.9 billion. The price of $79,321 at scan time marks a clear break above the $78,000 resistance level that had capped multiple attempts in recent weeks.
The move has occurred across major pairs. BTC posted gains against the euro, yen, and pound in the same window.
Background
Bitcoin spent much of March and early April consolidating below $78,000. The $78,000 zone attracted significant liquidation interest from both long and short traders. Yellow.com (see prior Yellow coverage) at that level earlier this scan cycle. A prior report also noted that (see prior Yellow coverage). The current print above $78,700 extends that move.
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Investor Sentiment
Investor Kevin O'Leary said Wednesday he has narrowed his crypto portfolio to Bitcoin and Ethereum (ETH) only, citing a lack of institutional durability in alternative tokens, according to Fox Business.
