Bitcoin powers higher on the day, gains by nearly 10%

Author: Justin Low | Category: Cryptocurrency

A quick pump in cryptos sees Bitcoin rise by nearly 10% to $47,770

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After calmer tones earlier in the day, Bitcoin has shot up from just under $45,000 to a high of $47,770 and is holding that push in the past half-hour.

I'm not seeing any major headlines leading to the surge but from a technical perspective, this is a key move by buyers in breaking free of the recent range:

The downside push in September failed to break the 100-day moving average (purple line) and now buyers are making a play in pushing past the 200-day moving average (green line), setting their sights on the mid-September highs around $48,000 to $48,800.

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