Bitcoin’s price is trending up while August has been a hot month for the cryptocurrency in decentralized finance.

• Bitcoin’s 24-hour range: $11,568-$11,891

• BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

Bitcoin is on the uptrend, going as high as $11,891 with buyers outnumbering sellers in the market Thursday. ”This is similar to what we saw on Sunday, Aug. 9 – a quick move from $11,500 to $12,000 and then back to $11,300,” said John Willock, CEO of crypto asset manager Tritum. “Maybe we’ve got $13,500 in the next phase up in the coming days,” he added. 

David Lifchitz, chief investment officer for quant trading firm ExoAlpha, expects a bitcoin price bull run to proceed should it overcome a nearby hurdle. “All in all, $12,500 is the key level to watch for a sustainable breakout on strong volume,” he said. ”Anything different will be a fake, as it can be seen many times in a historical chart of BTC/USD.”

In the bitcoin options market, open interest (the number of outstanding contracts) is starting to level off after passing the $2 billion mark for the first time since July.

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