<center><h1>Bitcoin Breakout: Price Jumps $1K in 60 Minutes</h1></center>

![Bitcoin Breakout: Price Jumps $1K in 60 Minutes](https://steemitimages.com/DQmd8quREDRTMGFhgmog5s1jVovqRsMX2msEt1tpLTxbewW/bitcoin%20jumps%20up.jpg)

Bitcoin rallied over $1,000 in an hour this morning, having spent a better part of the last two weeks trading sideways in a narrow price range.

The cryptocurrency clocked a two-week high of $8,055 soon before press time and is currently trading at $7,850, according to CoinDesk's Bitcoin Price Index. The move marks a 13 percent gain from the previous day's close of $6,939.

![coindesk-bpi-chart.png](https://steemitimages.com/DQmP98sES8roNEaXKSnnXhDFg7n47tfV28sUzXEw7KqjZYk/coindesk-bpi-chart.png)
It appears short liquidation or unwinding of short (sell) BTC trades has played a big role in the sudden rally, according to some sources.

The cryptocurrency picked up bids at $6,766 at 07:00 GMT and scaled the $7,000 mark at 11:00 GMT -  a move that seems to have triggered stop losses on short trades, as reported by WhaleCalls.

Further, technical buyers may have jumped in as the move above $7,000 also marked an upside break of the falling wedge pattern.

It's worth noting that, while it took two hours to move from $6,766 to $7,000, the next $1,000 jump happened in just 45 minutes.

<center><a href="https://hashflare.io/r/56BFA7D6"><img src="https://cdn.hashflare.eu/banners/en/profit_728x90_eng.gif?v=2" alt="Bitcoin cloud mining HashFlare"></a></center>

The speed of the ascent should not come as a surprise as wider the range and the longer the duration of the consolidation zone, the more violent a breakout tends to be.

For now, it appears bitcoin's period of consolidation has ended with a notable bullish breakout. Next, a move to $8,500 cannot be ruled out if the cryptocurrency closes (as per UTC) above $7,510, confirming a bullish double bottom breakout.

<hr>

<center><h2><b>25% Discount when you purchase</b>  [Cryptopay prepaid Card](https://cryptopay.me/join/71edfb48)</h1>
<b>[Profitables Bitcoin Cloud Mining](https://hashflare.io/r/56BFA7D6)</b>
[How to buy Bitcoins](https://cryptopay.me/join/71edfb48)
[How to buy Litecoins](https://cryptopay.me/join/71edfb48)
[How to buy Ripple](https://cryptopay.me/join/71edfb48)
![1 -gB_2M6S7nQdP1w_Wl5sqQ.gif](https://steemitimages.com/DQmWsEwFN3R35GcBAUWLRgDrDWLWncpc6ABaMKGdzhZTdkk/1%20-gB_2M6S7nQdP1w_Wl5sqQ.gif)<h2>
[CryptoTax.me Domain is now available for sale.](http://cryptotax.me/)
[CryptoTokens.me Domain is now available for sale.](http://cryptotokens.me/)
[CryptoAdvisers.me Domain is now available for sale.](http://cryptoadvisers.me/)
Great Domain for end users or investors, crypto!
Meaningful, Short and Memorable Domain!
Highly Brandable Crypto Domain
Rare memorable Crypto Domain
</center>
<hr>


<a href="https://hashflare.io/r/56BFA7D6"><img src="https://cdn.hashflare.eu/banners/en/1280x628_1_eng.png" alt="Bitcoin cloud mining HashFlare"></a>