Bitcoin Soars Above $79,300 for First Time in 11 Weeks

Bitcoin (BTC) broke above $79,300 on Wednesday, marking its highest level in 11 weeks. This move represents a 3.8% gain in the 24-hour window, with CoinGecko data showing a total market cap of over $1.57 trillion for BTC alone.

The significant price action is accompanied by high trading volume, with CoinGecko data placing the 24-hour trading volume at approximately $51.9 billion. This surge above the $78,000 resistance level had been attempted multiple times in recent weeks.

Investor sentiment remains positive, as evident from Kevin O'Leary's comments to Fox Business that he has narrowed his crypto portfolio to Bitcoin and Ethereum (ETH) only due to a lack of institutional durability in alternative tokens. The Invesco Galaxy Ethereum ETF also recorded $1.2 million in inflows on April 20, indicating parallel accumulation in ETH.

The next widely watched resistance point is the $80,000 level, with a close above it marking the highest weekly close for Bitcoin since early February.