Bitcoin price gains over 5% to reach three-month high
The world's major cryptocurrency finally crosses the resistance level of $8,300
price has broke above the $8,500 level, gaining almost 6 per cent in price within the last 24 hours.
The major cryptocurrency has finally crossed the resistance level of $8,300 and reached a 3-month high. Within a week the price has risen from $7,655 to $8,528.
Traders are cautiously optimistic about the rally above the resistance level. Some, instead, prefer to wait for Bitcoin to stay above that line, something the world's major cryptocurrency was unable to accomplish in previously.
At the time of publication, Bitcoin was continuing to grow, with its price rising above the 200-day moving average.
Meanwhile, other major coins were also in the green. ETH saw a 4 per cent gain in 24 hours, trading at $149.46, while Bitcoin SV (BSV) was the biggest winner in the top-20 with a 25 per cent gain.
The unusual growth in crypto markets came just a few hours after CME Group launched options on its Bitcoin futures contracts. Volume on the first day of trading surpassed that of the InterContinental Exchange’s rival Bakkt options contract.
Currency.com experts predicted a Bitcoin rally at the beginning of the week, citing the increase in institutional interest before the launch of BTC futures. Graphs indicated a breakout of the downtrend line.
The next target for the currency is a move to $10,550 and above it $12,000.