Bitcoin Blasts Through $78K Resistance, Reaches New High Above $79,300
Bitcoin (BTC) has broken above its $78,000 resistance level and reached a new high of $79,321 on Wednesday. This marks a 3.8% gain in the 24-hour window and brings the total market cap for BTC to over $1.57 trillion.
The move is attributed to a surge in trading volume, with CoinGecko data showing approximately $51.9 billion in trades over the past day. The price increase has also occurred across major pairs, including those against the euro, yen, and pound.
Bitcoin spent much of March and early April consolidating below $78,000, but a recent break above this level has extended the move higher. Investor Kevin O'Leary noted that he has narrowed his crypto portfolio to Bitcoin and Ethereum (ETH) only, citing a lack of institutional durability in alternative tokens.
As BTC continues to rise, attention is turning to the next resistance point at $80,000. A close above this price would mark the highest weekly close for Bitcoin since early February. Institutional product flows are also being closely watched, with early signals suggesting net positive positioning from ETFs and other products.