Bitcoin (BTC) price has hit a 13-month high above $9,300 on Sunday, June 16.
According to Bitcoin Price Index, the leading cryptocurrency by market capitalisation(Bitcoin) rose to $9,381 at 05:55 UTC.This is the highest price recorded since May 10, 2018. Bitcoin was last seen trading at $9,250 representing 6.4 percent gains on the day. The cryptocurrency is up at 8 percent, on a month to date basis.
Reports from Messari data said, In the last 24 hours saw $19 billion worth of bitcoin and more being traded across cryptocurrency exchanges. The 24-hour volume figure at $867,697,751 currently reporting in the calculation of Bitwise’s ‘real bitcoin’ trading volume from major exchanges are also seen.
On Friday, with the price rise has also seen Bitcoin’s dominance rate or it’s share of the total cryptocurrency market gone higher to 57.1% from lows near 55%.
Looking at the situation at press time, bitcoin price rally is coming up well in the wider market. The best performing top 10 cryptocurrency of the past 24 hours is EOS with 7 .4 percent gains. Litecoin is up 2.3 percent. Others like XRP, Ethereum’s ether token, and bitcoin cash are up at 4 percent, on a 24-hour basis, According to CoinMarketCap reports.
However, litecoin with 18.29 percent gains is on the lead with the top 10 cryptocurrencies followed by bitcoin, which has also moved up by 17.20 percent on a seven-day basis.
Since long-term technical studies are biased bullish, its then likely that bitcoin may rise more looking forward to the next major resistance at $10,000.
For instance, there is a sign of bull market momentum as bitcoin’s 50- and 100-candle moving averages on the three-day chart look ready to produce a bullish crossover .The same cross also marked the start of a long-term bull market back in October 2015.
As always the case as seen in the chart below, with a movement to 13 month highs, the cryptocurrency has retraced nearly 38.2% of the sell- off from December highs in 2017 to December lows in 2018.
The bearish doji has been invalidated as a result of bitcoin sudden rise from $7,500 to levels above $9,300 . A reversal confirmed by last Sunday’s UTC close below $8,000. Prices could cross the 38.2 percent Fibonacci retracement hurdle of $9,442 as the path of least resistance is to higher the side as confirmed from the reversal.
As the bearish divergence of daily trading volumes discussed on Friday is still valid, it could be seen a minor pullback to $8,000 could actually be seen before a break above $9,442.
Further reporting shows the widely tracked relative strength index is showing overbought conditions with an above-70 print on the hourly and 4-hour charts.
Credit: Omkar GodboleJOIN OUR COMMUNITY