Bitcoin [BTC] hits yearly high following bull pump, RSI overbought
Bitcoin [BTC] has shrugged off the bearish resistance at $8000. The coin has successfully soared past $8000, reaching a one year high and is currently trading around $8700. At the end of the trading session yesterday, the first digital coin experienced a sudden surge due to a massive bull pump which now seems to be the general trend in the crypto market.
Yesterday, at 1800 UTC Bitcoin found support at $7999 and exhibited a steep climb by 11% and crossed the critical resistance traced at $8400. The cryptocurrency continued the uptrend today, however, found resistance at $8890. The coin is currently facing bearish pressure and is struggling to find support at $8700.
The MACD levels indicate that the coin is trading with strong bullish momentum. The hourly RSI represents overbought levels for the cryptocurrency. The 100 EMA line traced at $8098 shows an uptrend for the coin. At press time, BTC is exchanging hands at $8745 and is rising against USD by 8.49%.
The digital currency is trading with a market capitalization of $154 billion. The market cap increased roughly by 7% since the bull pump.
Bitcoin has its eyes on breaching the $9500 resistance to accumulate further gains. The current bullish trend in the crypto market is speculated to be caused by positive predictions by elites from the crypto community including Changpend Zhao, the CEO of Binance.
The overall market capitalization is now standing at $250 billion. The bullish trend has pushed up the prices of altcoins as most of them are trading in green. Bitcoin SV and Tron can be spotted among the top ten winners of the market today with Bitcoin ranking 18th in the crypto market.
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