Bitcoin (BTC) price has at last crossed above the $8,300 resistance, setting the digital asset up for a run at $8,500 and restoring bullish momentum to the current uptrend which has seen the price rise from $7,655 to $8,536 over the past week.
For the second time in a week, the price rose above the oft-referenced descending channel trendline which has served as a long term resistance for the last 7 months. While there are some traders who will have bought the breakout above resistance, cautious traders will closely watch the 4-hour close to see if the digital asset sustains above the trendline as previous price action shows Bitcoin repeatedly unable to hold above this level.
The overall cryptocurrency market cap now stands at $223.8 billion and Bitcoin’s dominance rate is at 68.1%. Notable altcoins that moved alongside Bitcoin’s price increase were Bitcoin SV (BSV) with a surprising 22.87% gain, Bitcoin Cash (BCH) with a 6.46% gain, Litecoin (LTC) at 6.46% and Dash (DASH) which surprised investors by continuing last weekend’s rally to gain 14.32%.