Bitcoin Explodes Through Key Technical Resistance, Hits 7-Week High

Bitcoin has suddenly exploded over 10% higher, smashing through its 50-day moving average, above $7000 for the first time since early June...

BTC is now testing up towards its 100DMA, ramping over $600 in 30 minutes...

And breaking its longer-term downtrend too...

This is already the biggest volume day for Bitcoin since June.

The rest of the crypto space has gone along for the ride...

No immediate news catalyst jumps out though we note that gold was tumbling earlier, and tech stocks have been melting up all day - as well as the slow burn realization that if the world's largest asset manager puts even a fraction of a percent to work in crypto, things will get intense fast.

We note that the surge started around 1335ET, and it appears some major shorts liquidated at the same time...