Bitcoin experiences longest winning run since August 2019

Bulls eye $8k barrier

Bitcoin (BTC) is experiencing its longest winning streak since August 2019 as it closes in on the $8k barrier.

In late-afternoon Tuesday trading the world’s first and largest cryptocurrency stands at $7,738.40, up around 0.94 per cent in the past 24 hours.

With May’s halving soon approaching, Bitcoin trading volume has increased. According to crypto analytics firm Arcane research, both volume and stability are returning to normal following March’s crash.

Wall Street’s go-to fear index, CBOE’s Volatility Index or VIX, spiked in mid-March reaching all-time highs amid the Covid-19 market sell-offs.

Bitcoin also suffered from a spike in volatility as the novel coronavirus outbreak spooked even the crypto market. However, having plunged as low as $4,100, the world’s leading crypto has almost completely recovered to pre-crash levels.

With the Crypto Fear & Greed Index exiting its record seven-week spell at its lowest possible reading “extreme fear,” the BTC rally could continue for a while longer.

After a seventh consecutive session in the green, Bitcoin bulls are now eyeing a return to early March levels, breaking the psychologically important $8k barrier. Although opinion is split as to whether the upcoming halving will help drive such momentum.

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