RATE Group | Bitcoin breaks $8,500 as bulls return in large numbers
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Bitcoin breaks $8,500 as bulls return in large numbers

09 Feb Bitcoin breaks $8,500 as bulls return in large numbers

Posted at 22:39h in Cryptocurrency News by

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  • Cryptocurrencies return to the bullish side following three days of continued losses.
  • Bitcoin sits above $8,500 but a reversal back to $8,400 seems imminent.

The bulls returned from their hibernation with a bang. The entire crypto market corrected significantly upwards adding $9 billion to market capitalization. Cryptocurrencies currently have a market value of $226 billion as per the data on CoinMarketCap.

Bitcoin price update

The largest cryptocurrency by market capitalization takes up 68.2% of the total cap. Its market cap stands at $154 billion and features a 24-hour trading volume of $28 billion. Bitcoin managed to consolidate above $8,000 on Monday.

The consolidation allowed the bulls to gather strength, pushing the price to highs past $8,500. At the moment BTC is trading at $8,515 after correcting a higher 5% on the day. The bullish trend, high volume and expanding volatility suggest that more action is expected on the upside.

BTC/USD 4-hour…

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