Bitcoin Price Returns to $7.6K as Markets Reaffirm New Support Levels

Bitcoin (BTC) hit $7,600 on Oct. 25 after a spell of bullish upward action saw 2% gains occur in a matter of minutes. 

Cryptocurrency market daily overview. Source: Coin360

Bitcoin reaches local high close to $7,650

Data from Coin360 showed BTC/USD passing the $7,600 mark across major exchanges, going on to challenge $7,650 before correcting. 

At press time on Friday, Bitcoin was fluctuating around the new levels, still down around 8% versus the beginning of the week. 

Bitcoin seven-day price chart. Source: Coin360

The latest in a series of abrupt moves, the potential reasons for the behavioral shift are still becoming clear. As Cointelegraph reported, major bagholders along with external factors are the favorites among analysts.

Others focusing on price were unsurprised by a bounce off what they previously identified as the lower boundary in a longer-term trading corridor. 

Cointelegraph contributor Michaël van der Poppe had previously noted the 200-day moving average for Bitcoin…