Bitcoin [BTC] breaches $8k; gets ready for the bullish ride

The world’s largest cryptocurrency, Bitcoin [BTC] breached another immediate resistance at $8k and was valued at $8,084.49, at press time. BTC had been pumping for the past few weeks, pulling the coin from a slump and probably towards a new bull run. On May 19, the coin started rallying from $7252.58 and peaked at $8,102.

Source: Trading view

According to the trading view chart of BTC, it was being traded at $8,102. The market cap of the coin was noted to be $143.17 billion as the 24-hour trading volume reached $23.64 billion. In the past seven days, BTC pumped by 11.99% and it continued to rise by 10.64% in a day. The coin noted a growth of 1.56% in an hour.

BTC spiked by a staggering 12% over 10 hours taking the price of the coin from $7,252 to $8,155. The next resistance was marked at $8,300, after which $9k becomes an imminent target. In terms of trading volume, Bitcoin was highly traded on BitMEX exchange with VBT/USD pair and a volume of $4.22 billion was reported. The second place was noted by with BTC/USDT pair with a volume of $780 million. BitMart followed the exchanges as it noted a trading volume of $750 million with BTC/USDT pair.

As the demand for the coin rises in the crypto market, the searches on the Internet increased too. A report by Cryptoglobe noted that Google search for ‘Bitcoin’ as a keyword hit a high, yet again in 14 months. This surge was previously reported in February 2018 when the coin was trading between $8k and $11k.

Source: Read Full Article