Bitcoin has moved above the $8,300 resistance, getting the cryptocurrency ready for a run of $8,500 to add bullish momentum to the uptick which has seen BTC’s price rise from $7,655 to $8,536 over the past week.  

The price of Bitcoin rose over the descending channel trendline for the second time in a week, reports Coin Telegraph, which has been a long-term resistance over the past seven months.

The world’s largest cryptocurrency by market capitalisation continues to move higher, reaching a daily high for the first time since the $8,464 mark on January 8 to clear the $8,500 resistance level.

According to Coin Telegraph contributor filbfilb: “Bitcoin price is currently consolidating above resistance and the most significant volume node on the visible profile visible range, or VPVR. If Bitcoin can complete bullish consolidation above $8,000, a measured move to the upside would take the price of Bitcoin to the top of the previous range at $9,500 and possibly as high as the next high volume node of $10,100.” 

As it stands, the price of Bitcoin is over the 200-day moving average and the recent price action indicates that $8,000 will be a strong support. Traders will now monitor whether $8,300 will move from resistance to support. 

The overall cryptocurrency market cap is now at $223.8 billion, with Bitcoin’s dominance rate at 68.1%. Other altcoins that moved with Bitcoin’s price hike were Bitcoin SV with a gain of 22.87%, Bitcoin Cash with a 6.46% gain, Litecoin at 6.46% and Dash which continued last weekend’s rally to post a 14.32% gain.