The price of the leading cryptocurrency Bitcoin [BTC] hits a 13-month high over $9,310 USD earlier today.
Bitcoin rose to around $9,381 USD at 05:55 UTC – its bestest price since 10th May, last year, as per CoinMarketCap.
At the reporting time, Bitcoin is presently trading at a price around ‘$9,249.91 USD‘ which is 6.29% higher than yesterday. On the monthly basis, the cryptocurrency is up about 8%.
Above $19 Bln priced bitcoin has been traded across several major cryptocurrency exchanges within the past 24 hours, in line with data provided by ‘Messari‘. Meanwhile, major exchanges enclosed within the calculation of Bitwise’s “real” bitcoin trading volume are presently reporting the transaction volume figure at $867,697,751 USD.
The price of bitcoin rally is foreboding well for a more broader market. At the reporting time, the second largest cryptocurrency Ethereum [ETH] is up by 1.65%, Eos [EOS] by 3.98% and Stellar [XLM] by 4.46%, in line with CoinMarketCap.
On the other hand, Ripple [XRP] is that among the best acting top 10 cryptocurrency of the past 24 hours with around 5.79% gains.
Looking forward, Bitcoin is expected to additionally move to its next major resistance level at $10,000 USD, as long-run tech studies reported by ‘biased bullish’. For.eg, bitcoin’s 50- and 100-candle moving averages on the 3-day chart look set to produce an optimistic crossover – which is indeed seeming as a sign of bull market momentum. Earlier in 2015, a similar cross marked the beginning of a long-run bull market.
Moreover, with a move to 13-month highs, the cryptocurrency has retraced around to 38.2% of the sell-off earlier from Dec. 2017 highs to Dec. 2018 lows.
BTC’s recent sharp hike from $7,500 USD to levels over $9,300 USD has invalidated the pessimistic doji reversal confirmed by last Sunday’s UTC closure under $8,000 USD. As a result, the path of least resistance is to the upper aspect and prices might cross the 38.2% Fibonacci retracement hurdle of $9,442 USD.
However, a minor pullback to $8,000 USD might be seen before an opportunity over $9,442 USD, as the pessimistic divergence of daily trading volumes mentioned on Friday is still valid. Moreover, the widely monitored relative strength index is reported overbought conditions with an above-70 print on the hourly as well as the 4-hour charts.