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

Bitcoin (BTC) surprised traders and analysts alike on Jan. 14 after BTC/USD broke out of its already bullish channel to strike at resistance levels near $8,600.

Cryptocurrency market daily overview. Source: Coin360

BTC climbs 2% in an hour

Data from Coin360 and Cointelegraph Markets showed Bitcoin jump 2% in just over an hour on Tuesday to hit local highs of $8,745.

A slight retracement followed, with the pair circling $8,700 at press time amid heightened volatility.

Bitcoin 1-day price chart. Source: Coin360

The latest leg up brings Bitcoin’s 24-hour gains to almost 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 little pushback until an area around $8,800.

Vays nonetheless added that not all indicators were flashing bullish, with derivatives giant BitMEX’s funding rate forming a…