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Bitcoin Continues to Run Higher After Breaking Resistance

By Yasin Ebrahim

Investing.com - Bitcoin jumped to two-and-half-month highs on Tuesday after breaking above resistance, raising expectations that the bottom is in for the popular crypto.

Bitcoin rose 7.5% to $8,779 following a break of resistance around $8,300. It remains well on track to post its fifth-straight weekly gain after rebounding from a slump below $7,000.

The bullish start of the week for the crypto followed the trading debut of bitcoin futures from CME Group (NASDAQ:CME) on Monday.

Volumes on the newly-launched bitcoin option surged above $2.3 million, worth about 270 bitcoin, the CME said.

The rise in bitcoin lifted its market cap, often used to gauge demand, to about $160 billion, up from $145 billion a day ago.

Other cryptos followed Bitcoin's move higher. XRP rose 11% to $0.237, Ethereum jumped 13% to $165.04 and Litecoin surged 14.5% to $58.03.

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