Bitcoin's offshoot hits record high with increased network activity
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Bitcoin SV's (BSV) network witnessed solid activity on Tuesday as prices doubled to record highs.
While the cryptocurrency jumped from $173 to $458, more than 100K new addresses were created, according to blockchain intelligence firm IntoTheBlock.
A rise in the number of addresses does not necessarily imply increased adoption. After all, an individual can have multiple addresses.
About 2.66 million BSV changed hands in transactions with a value of $100,000 or greater. The number of transactions with a value of $100,000 or greater rose to a record high of 1.21K.
Due to the sudden surge in both prices and the network activity, some analysts say the market is being manipulated. |
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Eyes 200-Day Average
BTC: Price: $8,850 | Market cap: $160 billion | 24-Hr Volume: $46 billion
Trend: Bullish Bitcoin's low-volume pullback to levels below $8,600 seen during the Asian trading hours has been reversed.
The cryptocurrency now looks set to test the widely-followed 200-day moving average (MA) at $9,100, as suggested by Tuesday's high-volume break above $8,463 – passing the resistance of a lower high created on Jan. 8.
A UTC close above the 200-day MA would expose key resistance levels at $9,400 and $10,350.
Popular analyst Josh Rager expects a potential break above $10,350 to set the tone for a major bull run for months to come. Bitcoin reversed sharply lower from $10,350 in October, so a move past that level could attract keener buying.
The short-term bullish view would be invalidated if prices find acceptance under Tuesday's low of $8,105. Indicators, however, are reporting strong bullish momentum, so a drop below $8,100 looks unlikely.
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| | | | Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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