Bitcoin Surges Past $79,300 for First Time in 11 Weeks

Bitcoin has broken above $79,300 for the first time in 11 weeks, marking a 3.8% gain in the 24-hour window.

The surge in price has also led to a significant increase in trading volume, with CoinGecko data showing approximately $51.9 billion in transactions over the past day.

The move above $78,000 resistance level comes after weeks of consolidation below that mark, where Bitcoin spent much of March and early April attracting liquidation interest from both long and short traders.

Investor Kevin O'Leary has narrowed his crypto portfolio to just Bitcoin and Ethereum (ETH), citing a lack of institutional durability in alternative tokens, according to Fox Business.