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Bitcoin Posts New 2020 High As It Pushes Past $9,400

January 29, 2020 at 0:56 by Matt Jackson

Bitcoin added $250 to its price in less than an hour today, pushing it to a new 2020 high and its highest level since the beginning of November 2019, nearly three months ago. Bitcoin’s move was mirrored by most of the cryptocurrency market with the majority of coins seeing green over the past 24 hours. Analysts have pointed to a number of factors indicating that BTC, and indeed the rest of the crypto market, has now started a bull run that could last to the halving in May, and potentially beyond. Bitcoin prices have traditionally increased after halving events, although there have only been two previous events of this nature.

Bitcoin has now crossed above the 200-day simple moving average. This movement is seen as being an indicator of long-term movement, with a cross above the average suggesting that prices are to continue rising. This has also led to the cryptocurrency breaking out of an inverse head and shoulders, a further indication that prices are going to continue upwards. $9,600 poses the next major hurdle before $10,000, which is likely to be a major psychological resistance level.

However, not all analysts are keen to confirm this as a true bull run. Tone Vays has said that important indicators remain bearish and that prices will have to sustain above the 200-day moving average for at least a couple of days before he is willing to call a bull run.

The rest of the cryptocurrency market has followed a similar trajectory today. All of the major coins have posted profits in the past 24 hours, except Bitcoin SV has witnessed a small loss. Bitcoin SV has been one of the biggest winners in crypto this year, posting substantial gains. Bitcoin SV started the year at less than $100. The Bitcoin fork peaked at more than $400 before some correction and accumulation. It is currently trading at around $300. Some are concerned that BSV has become too volatile for its own good, and that it will not be able to sustain substantial increases.

Bitcoin (BTC) has risen 4.52% to $9,369.38 while Ethereum (ETH) has increased by 3.18% to trade at $177.14. Ripple (XRP) and Bitcoin Cash (BCH) have added 2.96% and 5.28% to their prices, and are trading at $0.239 and $384.74 respectively. Bitcoin SV (BSV) is changing hands at $301.70, having fallen by 0.97% in the past 24 hours.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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