Just one week ago, bitcoin’s price hit an intraday high of $9,568 in a low volume environment. This week’s action, fueled by increased exchange volumes, has traders excited a long-term bull market may be back. As much as $446 million in trades were done on Coinbase Monday.
“The market has clearly jumped to a bullish stance,” said Vishal Shah, and options trader and founder of derivatives exchange Alpha5. “Volatility is higher and we're now looking at the previous resistance of $10,550 as our new support region."