The price of bitcoin (BTC) hit a 13-month high, surpassing $ 9,300 on Sunday.
Cryptocurrency by market capitalization reached $ 9,381 at 05:55 UTC – the highest price since May 10, 2018, according to CoinDesk's Bitcoin Coin Index.
The last time we saw BTC trade at $ 9,250, accounting for 6.4% of same-day earnings On a monthly basis, cryptocurrency is up 8%.
According to Messari data, more than $ 19 billion worth of bitcoins have been traded on cryptocurrency exchanges in the past 24 hours. At the same time, the main stock exchanges included in Bitwise's Bitwise's "real" trading volume calculation currently show a 24-hour volume figure at USD 867,697,751.
As prices rose, Bitcoin's rate of dominance, or its share of the total cryptocurrency market, reached 57.1%, compared with a low close to 55% on Friday.
The rise in bitcoin prices bodes well for the wider market. At the time of printing, litecoin is up 2.3% over 24 hours. Names such as the Ether Token, XRP and Ethereum Bitcoin increased by 4%, according to CoinMarketCap.
EOS is the top 10 best cryptocurrency performance in the past 24 hours, with gains of 7.4%.
However, on a seven-day basis, litecoin is at the top of the top 10 crypto-currencies with gains of 18.29%, followed by bitcoin, which gained 17.20%.
In the longer term, BTC could still rise to USD 10,000 due to the rise of long-term technical studies. For example, moving averages of 50 and 100 Bitcoin candles on the three-day chart should produce a bullish cross – a sign of bullish market momentum. In October 2015, the same crossover marked the beginning of a long-term bull market.
Notably, with the move to the 13-month highs, cryptocurrency traced close to 38.2% of the massive sales of the December 2017 highs to the December 2018 lows, as shown in the chart below.
The sharp rise in BTC, from $ 7,500 to more than $ 9,300, invalidated the reversal of the bearish doji confirmed by the closing of UTC last Sunday under $ 8,000. As a result, the path of least resistance is the one on the higher side and prices could overcome the 38.2% Fibonacci retracement barrier of $ 9,442.
However, a slight decline to $ 8,000 could be observed before a break above $ 9,442, as the daily bearish divergence in daily trading volumes was still valid. In addition, the relative strength index, which is widely followed, indicates overbought conditions with an impression greater than 70 on the hourly graphs and at 4 hours.
Disclosure: The author does not hold any cryptocurrency assets at the time of writing.
Bitcoin image via the CoinDesk archives; charts by Trading View