Breaking: Bitcoin surges above $8,700, the highest in a year in another Sunday surge

Yohay Elam FXStreet

Bitcoin is trading above $8,700, the highest since May 16th, 2018, just over one year. The granddaddy of cryptocurrencies not only surged above the previous cycle high of $8,388 but also above the July 2018 peak of $8,474.

The rise has come towards the end of a weekend that saw calm trading around $8,000. Other cryptocurrencies are on the rise as well. Ethereum is trading around $266, and Ripple tops $0.40. These leading altcoins are below the recent highs and only BTC/USD is leading the world of digital assets to new highs.

The technical daily chart shows robust upside momentum while the Relative Strength Index is just under 70, currently not suffering from overbought conditions.

Here is the daily Bitcoin chart:

From a recent analysis by Tomas Salles in which he targets $9,500 for BTC/USD:

In the technical analysis, the three protagonists of this article currently show ambiguous profiles. The probabilities of a new uptrend are a tad higher than those of a downtrend.

The current objectives for the medium term are:

BTC/USD: $9,500

ETH/USD: $400

XRP/USD: $0.98

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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