Above $8K: Bitcoin Aims Higher After Bull Breakout

Bitcoin clocked a 2.5-week high of $8,225 on Bitfinex earlier today and could soon scale the $8,500 mark, the technical charts indicate.

Prices jumped close to 14 percent on Thursday and moved above the $8,000 mark for the first time since March, according to Bitfinex.

BTC margin shorts on Bitfinex stood well above December highs.

The total trading volume across all exchanges jumped above $8 billion yesterday, according to CoinMarketCap.

The trading volume on Bitfinex hit a two-week high.

Further, the price chart analysis indicates a short-term bearish-to-bullish trend change the cryptocurrency looks set to extend the rally.

As of writing, the bitcoin is changing hands at $8,100 on Bitfinex - up 18 percent on a 24-hour basis.

BTC closed yesterday above $7,500, confirming a double bottom bullish breakout and the falling wedge reversal.

The relative strength index has moved above 50.00.

A Minor pullback to $7,600 cannot be ruled out as BTC looks overbought as per the RSI on the hourly chart and 4-hour chart.