The price of Bitcoin on a weekly timeframe the price of Bitcoin had briefly touched the August 2018 highs for the first time. On this time frame, Bitcoin is in the resistance zone that extends from $$7,390 to $5,791; if the weekly close, which is on May 13, closes above $7,390, it would be a massive bullish signal for Bitcoin.
The sudden surge has definitely caught everyone by a surprise and there are quite a few people who believe that this could be the bull run; however, some are under the belief that this is a short squeeze that will be exhausted soon.
Justin Sun, the founder and CEO, of Tron, tweeted:
Never too late to buy. The best timing to buy $BTC, ten years ago or now.
Although the CZ’s tweet showed a bullish bias on Bitcoin’s move, it was deleted a few minutes after later. Bitcoin’s surge is staggering as it has risen by approximately 114% since the start of 2019 and more than 80% of the rise took place in under 50 days.