Bitcoin price hit $ 10,000 for the first time since November, Bitcoin SV increased by nearly 24% on the day
As AZCoin News reported, the Bitcoin price has been gaining momentum as the halving is getting closer. In addition to the enlistment of Bitcoin, its other forks, Bitcoin Cash and Bitcoin SV, are also showing significant gains. In the first two months of 2020 alone, Bitcoin SV has increased by 270%; Bitcoin Cash has increased by 132%, much more than the 40% increase of Bitcoin.
Bitcoin price increased but not equal to both forks
The bullish sentiment has surpassed the Bitcoin market, and the cryptocurrency continues to rise. An increasing amount of market data now indicates that Bitcoin price has broken the $ 10k mark, a territory that has not been seen since September.
An analyst gave the leading cryptocurrency an 80% chance of surpassing this level in the next two days.
1/ In my mind, the odds of breaking $10,000 in next 2 days is over 80%.
With consolidation under the 5 numbers instead of immediate rejection, $10,000 has gained even more significance beyond being a psychological litmus test for Bitcoin’s resumed uptrend into the halving.
— light (@LightCrypto) February 7, 2020
As previously reported, trading specialists from the inherited financial space are making similar statements.
Another interesting data point is Bitmex funding, which has been positive for thirty-seven days. This fact pointed out by analyst il Capo of Crypto, is remarkable, as it demonstrates both investor enthusiasm as well as a significant amount of fiat transfer into Blockchain assets.
Funding has been positive for 37 days so far, with even no negative peaks on the predicted rate.
Do we have a new record? pic.twitter.com/QlHVjzKDCY
— il Capo Of Crypto (@CryptoCapo_) February 8, 2020
These analysts almost popularized the upcoming Bitcoin halving credit as the primary catalyst for market interest. If true, it is reasonable to assume that the price of Bitcoin will continue to increase at least until May and possibly exceed.
According to LightCrypto, a Bitcoin price increase of up to $ 10,000 will likely create a scenario in which the price can move up to $ 11,000 in an hour. If Bitcoin returns to the $ 10,000 level, it will signify investors more emotionally that the cryptocurrency has resumed its uptrend in half, potentially adding to the FOMO feeling.
/4 If and when we break the $10,000, we teleport to probably $11,000 in an hour.
— light (@LightCrypto) February 7, 2020
Bitcoin SV has increased by more than 20%
Bitcoin SV price is showing an impressive breakthrough from the downtrend, causing BSV to soar from $ 100 to $ 450, up 350%. Such a big step would always be a turning point. The breakout occurred two days ago, after which a retest confirmed the breakout. Currently, the price is hovering above the previous resistance at $ 310 and $ 327.
A minor breakout from a downtrend has occurred, resulting in a rise of more than 20% today. However, the price of Bitcoin SV is still stuck in a range, which makes the direction unclear.
Bitcoin SV price could retest the 0.0318 satoshi level before continuing towards the high range at 0.037 satoshis. This level is the primary resistance to breaking. If prices can break through that level, further upward movement is warranted, and a new test of an all-time high of 0.0483 satoshis is likely to occur.
In other happenings, a problem that has arisen on Bitcoin SV (BSV) is that BSV nodes have accidentally connected to some Bitcoin Cash (BCH) nodes while in safe mode.
The issue was brought to the attention of developers last week, and it has been resolved until recently. As commented on GitHub, the Bitcoin Cash blockchain is more extended, sometimes fooling the Bitcoin SV button when in safe mode. It automatically enters safe mode when it finds a longer but invalid string. The temporary solution now is to force disable safe mode.
Train wreck: BSV nodes connect to BCH nodes. pic.twitter.com/N1bTVtpr3t
— Ben Verret⚡ (@verretor) February 8, 2020
Bitcoin Cash is also growing fast
In addition to Bitcoin SV, another Bitcoin fork, Bitcoin Cash, will also undergo halving in 59 days or 34 days earlier than Bitcoin. BCH has had a definite up move since the bottom at $ 170, resulting in today’s price of $ 440.
During the up move, the $ 296 and $ 365 levels have moved from resistance to support, which initiated the continuation of the uptrend.
A similar move could occur in the coming weeks as well. But while $ 400 – $ 407 has not yet been tested, the continuation will be guaranteed if Bitcoin Cash sees a test of this price and the buyer enters the market.
Continuing such a move will result in the test at a high of $ 496 and could result in a move to $ 615, as that is the next resistance level.
Altcoin markets turn green after Bitcoin price hit $ 10.000
The second-ranked cryptocurrency, Ether, is currently hovering around $ 225. This number one altcoin has increased slightly during synchronization with Bitcoin, recording an increase of about 4% at press time.
The third-ranked cryptocurrency, XRP, is no exception in today’s uptrend. XRP is currently trading at $ 0.27, up nearly 3% at press time.
Most of the top 10 and top 20 cryptocurrencies in the market have increased slightly. In particular, Bitcoin SV and Tezos (XTZ) are the two leading names, recording an increase of nearly 24% and 11% on the day. The top 20 cryptocurrencies have Dash as the leader, with an increase of almost 11% on the day.
Total market capitalization has increased by more than $ 284 billion, and Bitcoin Dominance is around at 63.6%.
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