The price of bitcoin (BTC) hit a 13-month high above $9,300 on Sunday.
The leading cryptocurrency by market capitalization rose to $9,381 at 05:55 UTC – the highest price since May 10, 2018, according to CoinDesk’s Bitcoin Price Index.
BTC was last seen trading at $9,250 representing 6.4 percent gains on the day. On a month-to-date basis, the cryptocurrency is up 8 percent.
More than $19 billion worth of bitcoin has been traded across cryptocurrency exchanges in the last 24 hours, according to Messari data. Meanwhile, major exchanges included in the calculation of Bitwise’s “real” bitcoin trading volume are currently reporting the 24-hour volume figure at $867,697,751.
With the price rise, Bitcoin’s dominance rate, or its share of the total cryptocurrency market, has ticked higher to 57.1 percent from lows near 55 percent see on Friday.
The bitcoin price rally is boding well for the broader market. At press time, litecoin is up 2.3 percent on a 24-hour basis. Names like ethereum’s ether token, XRP and bitcoin cash are up 4 percent, according to CoinMarketCap.
Meanwhile, EOS is the best performing top 10 cryptocurrency of the past 24 hours with 7 .4 percent gains.
However, on a seven-day basis, litecoin is leading the top 10 cryptocurrencies with 18.29 percent gains followed by bitcoin, which has appreciated by 17.20 percent.
Looking forward, BTC may rise further toward the next major resistance at $10,000, as long-term technical studies are biased bullish. For instance, bitcoin’s 50- and 100-candle moving averages on the three-day chart look set to produce a bullish crossover – a sign of bull market momentum. Back in October 2015, the same cross marked the start of a long-term bull market.
Notably, with a move to 13-month highs, the cryptocurrency has retraced nearly 38.2 percent of the sell-off from December 2017 highs to December 2018 lows, as seen in the chart below.
BTC’s sharp rise from $7,500 to levels above $9,300 has invalidated the bearish doji reversal confirmed by last Sunday’s UTC close below $8,000. As a result, the path of least resistance is to the higher side and prices could cross the 38.2 percent Fibonacci retracement hurdle of $9,442.
However, a minor pullback to $8,000 could be seen before a break above $9,442, as the bearish divergence of daily trading volumes discussed on Friday is still valid. Further, the widely tracked relative strength index is reporting overbought conditions with an above-70 print on the hourly and 4-hour charts.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
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