Massive Bitcoin Surge Comes as Sellers Run Out of Ammo, Claims Analyst

After facing a long period of significant selling pressure, Bitcoin’s bulls have roared, sending the cryptocurrency skyrocketing nearly 15% towards the upper-$8,000 region.

This early-morning surge marks the first time that the cryptocurrency has garnered any notable upwards momentum in the time since it dropped below $10,000 late last month, and analysts are now noting that the aggressive buying the crypto is currently incurring could propel it significantly higher in the near-term.

Bitcoin Skyrockets 15% as Bulls Take the Wheel

At the time of writing, Bitcoin is trading up just under 15% at its current price of $8,560, which marks a notable surge from its daily lows of $7,500.

Over a week-long period, Bitcoin dropped to lows of $7,300 on most major margin trading platforms like BitMEX, although the massive buying pressure that BTC was met with around this price region may have given analysts some insight into the possibility that a major movement was inbound.

Cantering Clark, a…