Bitcoin Price Hits 2-Month High at $8.7K as 3 Bullish Factors Converge
Bitcoin Price Hits 2-Month High at $8.7K every bit 3 Bullish Factors Converge
The momentum from a week of gains continues, taking BTC/USD to its highest since Nov as altcoins gain every bit much as 45%.
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Bitcoin (BTC) surprised traders and analysts alike on Jan. 14 later BTC/USD broke out of its already bullish channel to strike at resistance levels most $8,600.
Cryptocurrency market daily overview. Source: Coin360
BTC climbs 2% in an hour
Data from Coin360 and Cointelegraph Markets showed Bitcoin leap 2% in just over an 60 minutes on Tuesday to hit local highs of $viii,745.
A slight retracement followed, with the pair circling $8,700 at press time amid heightened volatility.
Bitcoin 1-twenty-four hours price chart. Source: Coin360
The latest leg up brings Bitcoin'south 24-hour gains to nigh 8%, the largest cryptocurrency remaining at levels previously thought to harbor considerable resistance.
As Cointelegraph reported on Monday, veteran trader Tone Vays was among those anticipating further gains, claiming over the weekend that BTC/USD faced piddling pushback until an area around $8,800.
Vays even so added that non all indicators were flashing bullish, with derivatives giant BitMEX's funding rate forming a notably uninspiring exception.
Others were slowly turning on their previously more than hawkish stance. Regular Cointelegraph contributor filbfilb also began the week on a more buoyant basis.
"Maybe some chop sideways and a bit of a backtest but everything is at that place to brand me overall bullish," he summarized in a tweet on Sun.
Supporting Bitcoin's newfound strength are various factors, including healthy book and open interest on multiple futures products. As noted past revered Bitcoin trader Murad Mahmudov on Monday, the combination of price, volume and open interest betoken a uniquely bullish setup.
Bitcoin SV jumps 45% every bit altcoins awaken
Beyond Bitcoin, major altcoins likewise reacted to the momentum, with Ether (ETH) gaining 8.1% to suspension $155.
Ether 7-twenty-four hour period price chart. Source: Coin360
Out of the top 20 cryptocurrencies by market cap, notwithstanding, Bitcoin SV (BSV) firmly led the accuse, gaining a surprising 45% on the solar day to merchandise at $234. Fellow Bitcoin fork Bitcoin Cash (BCH) gained 22% over the same period.
Continue track of top crypto markets in existent fourth dimension here
Source: https://cointelegraph.com/news/bitcoin-price-hits-2-month-high-at-87k-as-3-bullish-factors-converge
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