Newsflash: Bitcoin Price Goes Vertical Near $7,500, Hits 5-week High

Bitcoin price has skyrocketed on Tuesday’s evening trading session, making upward gains to peak at $7,483.

The price of bitcoin, the world’s first and largest cryptocurrency, exploded to its highest trading levels since the first week of June after gaining nearly $700 in less than an hour on Tuesday evening (UTC).

After trading around resistance at $6,700 through much of the day, a sharp rally led to bitcoin price spiking from $6,773 at 17:30 (UTC) to a high of $7,483 in a 40-minute period, pointing to a large buildup of bulls taking positions.

At press time, bitcoin price is trading to the dollar above $7,400.