Bitcoin price surged above the $ 12,480 level as a resurgent crypto market saw total market cap over $ 380 billion for the first time in over a year. After two-week sideways trade placed Bitcoin between $ 11,000 and $ 12,000, the market exploded in late trading last week and the bulls pushed the top cryptocurrency to highs of $ 12,485. In the major rally, BTC / USD not only sailed past $ 12,400, but also included a march to an annual high. Bitcoin’s surge to its 2020 high came with a surge in volume. The average intraday trading volume increased from $ 20 billion to $ 28.5 billion.
BTC / USD strong
BTC / USD is trading at around $ 12,335 at the time of writing after a slight dip during the Asian session. However, bulls still hold the upper hand and could push up again in later sessions of today’s trade.Intraday highs above $ 12,500 will likely push the bulls on a course at the psychological level of $ 13,000. The technical picture for Bitcoin is positive, with the RSI and MACD pointing to a bullish divergence that should continue the recent rally. There is also a bullish bias for the BTC / USD pair as it trades above the 20-day and 50-day SMA.In the meantime, the total market value for cryptocurrencies has risen to a high of 14 months, reaching the highs last recorded in June 2019.