The price of bitcoin (BTC) hit a 13-month high on Sunday at over $ 9,300.
Market-leading cryptocurrency rose to $ 9,381 at 05:55 UTC – the highest price since May 10, 2018 CoinDesk's Bitcoin price index.
BTC was last traded at 9,250 USD, which equates to a daily gain of 6.4 percent. On a monthly basis, the cryptocurrency has risen 8 percent.
According to Messari data, more than $ 19 billion worth of bitcoin has been traded through crypto currency exchanges over the last 24 hours. Meanwhile, the major exchanges included in Bitwise's Bitcoin trading volume calculation report 24-hour volume at $ 867,697,751.
With the price rise, Bitcoin has the dominance rate or its share in the overall crypto currency market ticked higher to 57.1
The Bitcoin price recovery is a good sign for the broader market. At the time of printing, litecoin increased by 2.3 percent on a 24-hour basis. Ethereum's names like Ether Token, XRP and Bitcoin Cash have increased 4 percent, according to CoinMarketCap.
Meanwhile, EOS is the top 10 cryptocurrency of the last 24 hours with an increase of 7.4 percent.
On the basis of seven days, litecoin leads the top 10 cryptocurrencies with an increase of 18.29 percent, followed by Bitcoin, which gained 17.20 percent.
Looking to the future, BTC is likely to continue building on the next major resistance at $ 10,000 over the long-term. Technical studies are bullish. For example, bitcoin's moving averages at 50 and 100 candles on the three-day chart should trigger a bullish crossover – a sign of bull market dynamics. Already in October 2015, the same cross marked the beginning of a long-term bull market.
In particular, with a rise to a 13-month high, the cryptocurrency has traced nearly 38.2 percent of its sell-off from the highs in December 2017 to lows in December 2018, as shown in the graph below.
BTC's $ 7,500 rise to over $ 9,300 has invalidated the bearish Doji reversal confirmed by last week's close of $ 8,000 at its UTC. As a result, the path of least resistance is heading higher and prices could exceed the 38.2% Fibonacci retracement hurdle of $ 9,442.
However, before a break above $ 9,442, there was a small decline to $ 8,000 as the divergence declined daily trading volumes discussed on Friday. In addition, the widespread index of relative strength reports overbought conditions with a pressure of over 70 on the hourly and 4-hour charts.
Disclosure: At the time of writing, the author has no assets in cryptocurrency.
Bitcoin image via CoinDesk archives; Charts of Trading View