The Bitcoin (BTC) price has just reached $7,800, its highest level since the March 12 crash

The Bitcoin (BTC) price has skyrocketed by more than 10 percent over the last 24 hours, reaching an intraday high of $7,777 on the Gemini exchange.

image by tradingview.com

Despite giving up a substantial portion of its gains, the leading cryptocurrency is still up by almost six percent on the day. 

As noted by crypto trader The Crypto Dog, this is the second time when BTC blasted past the $7,500 level this year. Last time the cryptocurrency achieved this feat, it shot up to its 2020 high of $10,500 in a little over one month.    

According to top cryptocurrency trader Josh Rager, the BTC price needs to record a daily close above the $7,400 level for bullish continuation.

It is worth noting that this huge uptick coincided with another green day on Wall Street, which means that this rally could be more than a flash in the pan. The S&P 500 is currently up by 1.53 percent.