While the Bitcoin price (BTC/USD) has edged lower on Tuesday morning, the No. 1 digital coin appears to have finally secured a decisive break above the $8,000 level.
12-month high
The original cryptocurrency made a big breakthrough on Sunday, when it surged past the $8,300 level that had been a major source of resistance in previous sessions. BTC’s advance continued on Monday, propelling the coin’s price to 12-month highs. Having opened the session at $8,674.07, the digital coin rose to as high as $8,907.17 in the afternoon, which was its highest level since May 11 2018. The coin eventually finished the session at $8,805.78, after experiencing a notable pull-back in late Monday trading.
Bitcoin has declined further on Tuesday morning, signalling that its latest rally has come to a halt. The coin tumbled to as low as $8,688.45 and is currently trading at around the $8,700 level, according to data from digital currency tracker Coinmarketcap.
Bulls still in charge
Despite the pull-back, bulls are still in control, according to industry website Coindesk. In a technical analysis published yesterday, the online publication highlighted the fact that BTC was holding well above the key support level of $8,390. However, it also warned that the “bullish case would be weakened if prices fall back below $8,000 in the next day or two”.
The wider digital currency market has largely mirrored Bitcoin’s performance in the past couple of days. Major altcoins, such as Ether (ETH), XRP and Litecoin (LTC), have seen corrections after amassing significant gains in the past couple of sessions.
In today’s trading, the Bitcoin price stood at $8,698.08, as of 11:15 BST. The digital coin has lost 0.2% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $154.2 billion, which represents 56.8% of the combined value of all digital currencies.
Featured image: Tom Stepanov / Shutterstock.com
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