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Bitcoin Price Hits 2-Month High at $8.7K as 3 Bullish Factors Converge

BlockClutch Team

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Bitcoin (BTC) surprised dealers and traders alike on Jan. 14 later BTC/USD broke from its bullish station to attack at resistance levels around $8,600.

Cryptocurrency market daily overview. Source: Coin360

Cryptocurrency market every day summary. Resource: Coin360

BTC increases 2 percent in one hour

Statistics from Coin360 and Cointelegraph Markets revealed Bitcoin jump 2 percent in only over one hour Tuesday to reach nearby highs of $8,745.

A small retracement followed, together with the set circling $8,700 at press time amid increased volatility.

Bitcoin 1-day price chart. Source: Coin360

Bitcoin 1-day price graph. Supply: Coin360

The newest leg upward attracts Bitcoin’s 24-hour profits to nearly 8 percent, the most significant cryptocurrency staying at levels previously thought to harbor significant resistance.

As Cointelegraph reported on Monday, veteran dealer Tone Vays was one of those expecting additional gains, asserting over the weekend which BTC/USD confronted little pushback until a place about $8,800.

Vays nevertheless added that not all of signs have been flashing bullish, together with derivatives giant BitMEX’s financing rate forming a particularly uninspiring exception.

Others have been gradually turning to their formerly more hawkish posture. Normal Cointelegraph contributor filbfilb also started the week on a more buoyant footing.

“Perhaps some chop sideways and also a small backtest but what’s there to make me entire bullish,” he outlined in a tweet on Sunday.

Supporting Bitcoin’s newfound power are numerous facets, such as healthful volume and open interest on multiple futures products. According to revered Bitcoin dealer Murad Mahmudov on Monday, the mixture of cost, volume and open interest signal a distinctively bullish setup.

Bitcoin SV jumps 45percent as altcoins wake

Past Bitcoin, important altcoins also responded to the momentum, together with Ether (ETH) gaining 8.1percent to split $155.

Ether 7-day price chart. Source: Coin360

Ether 7-day price graph. Resource: Coin360

from the leading twenty cryptocurrencies by market cap, nevertheless, Bitcoin SV (BSV) ardently led the charge, obtaining a sudden 45% over the day to exchange in $234. Fellow Bitcoin fork Bitcoin Cash (BCH) gained 22% within precisely the exact same period.

Keep an Eye on high crypto markets in real time here

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