Between the last 12hrs, the bulls have stepped in with more than 10% increase in trading volume, which quickly led to a breakout in trading price as Bitcoin tested and crossed resistance levels of $11,200 and $11,900 to its current trading price of $12,653 at press time.
Having secured this amount, Bitcoin is trading at 10% against the USD, making it one of today’s highest gainers. The bull run which began with Bitcoin closing at $12,285 is not expected to be short term as trading pairs of BTC/USD is creating a firm bullish run that pulls resistance levels of $13,000 closer.
Altcoins are also benefiting from this bullish outpour with an impressive level of gains. While a handful struggles to maintain stability, some top dogs are preparing for a price breakout. Bitcoin Cash (BCH), one of the highest gainers is on its way to a crossover. With a 4% increase, the market cap is going head to head with its closest rival Litecoin (LTC).
With a little push from OKEx traders, with pairs of BCH/USDT, a possible tie will emerge and the two coins are expected to trade places, leaving the stronger one to stabilize and build momentum. Bitcoin (SV) also attained a boost in trading volume, one that led to a breakout of $207 at press time.
While BSV is not set to skyrocket to its previous high of $250 which was last seen on the 26th of June, stability at this range is expected to intensify.
Meanwhile, Tron (TRX), Cardano (ADA), Stellar (XLM), and Monero (XMR) are experiencing declines ranging from 1.96% to 3%. The Binance coin (BNB) has also slightly underperformed in comparison to the last 4hrs as it struggles to trade above the $33 price level.