Bitcoin Sees Dramatic 24 Hour Rise

What is moving bitcoin these past 24 hours?

The cryptocurrency has moved 11% over that period.

7,371.64 USD was the price 6 pm EDT Tuesday, a slight decline from $7,395 earlier in the day.

One cryptocurrency veteran told CNBC the rise in the price of bitcoin is due to technical levels.

"The $6,800 level was massive resistance for three weeks and I think people were shorting against that and they just got their face ripped off," said Brian Kelly, CEO of BKCM.

This is the first time since early June that bitcoin has broken above the $7000 mark.

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Bitcoin hits 7-week high on Coinbase from CNBC.