On Tuesday Bitcoin price (BTC) pushed through $eight,600 and rallied all the mode to $8,859 before taking what appears to exist a sabbatical near $eight,750.

Every bit reported before by Cointelegraph, crypto analyst Tone Vays predicted that if Bitcoin price gained to a higher place $8,600, $8,800 would serve equally the next level of stiff resistance. At the fourth dimension of writing Bitcoin is up 7.74% for the day and it appears that a strong trend reversal is in the making as the cost has sustained above the descending channel trendline for the final 20-hours.

Cryptocurrency market weekly overview. Source: Coin360

Altcoins likewise steadfastly followed Bitcoin'due south stiff upswing, leading a number of meridian-10 cryptocurrencies to post double-digit gains. Bitcoin SV (BSV) is the about notable gainer with a 93.63% gain and earlier in the 24-hour interval the altcoin flipped positions with Bitcoin Greenbacks (BCH) simply at the time of writing the two are cervix and neck for the fourth spot. If BSV flips BCH again the altcoin will be the fourth largest cryptocurrency with a market capitalization of $5.56 billion.

To date, BSV is at present upward by 300% over the by 10 days. It appears that BSV's rally was primarily driven by the unconfirmed rumor that Bitcoin SV abet Craig Wright received the private keys to the Tulip Trust.

Wright remains in the midst of a lengthy court battle with the estate of old concern partner Dave Kleiman and recently a Federal Court judge extended the fourth dimension Wright has to turn over half of his Bitcoin holdings to the estate. This extension basically gives Wright until Feb to source the private keys to his Bitcoin holdings.

The trust is rumored to comprise 1.1 million Bitcoin, worth more than $9.5 billion at BTC'due south current valuation. If this is true, investors and Bitcoin SV supporters might be ownership BSV or swapping their electric current Bitcoin holdings for the altcoin nether the assumption that Wright may liquidate his Bitcoin holdings on the open market place in substitution for BSV.

Traders will now watch to run into if at that place is a continuation with BSV's rally or if the price dumps abruptly over the coming days.

Bitcoin weekly price chart. Source: Coin360

The overall cryptocurrency market cap now stands at $239.2 billion and Bitcoin'south authorization rate is at 66.7%. BCH besides posted impressive gains by rallying 22.4% and holding the fifth spot among the meridian-5 cryptocurrencies by market capitalization. Ether (ETH), EOS and Dash (Dash) were besides notable gainers over the past 24-hours with thirteen.61%, 20.39% and eighteen.04% gains over the past 24-hours, respectively.

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