The latest Bitcoin news show that the resistance point for the dominant coin is at $9,000 right now, and the BTC price could go above this mark today. As BTC gets propelled over the $8,700 mark, it fails to immediately cement the level as support in the volatile Friday trading. The stock market is also underperforming today and there is again a small connection between crypto and stock.
Anyways, what is important in the Bitcoin news is the fact that the BTC price is now hitting resistance at $9,000 and the daily comeback continues. That said, we might see Bitcoin (BTC) trading above $9,000 at the end of today or even this weekend.
The dominant coin was back on May 1 as the largest cryptocurrency regained its strength and climbed to $9,000 in less than 24 hours. However, BTC managed to correct and this level only acts as its resistance and a next target which may also show movement in the coming altcoin news.
Data from the market aggregators showed a triumphant return to form for BTC/USD, which had fallen as low as $8,400 a day before this. After what appeared to be a massive profit taking exercise during the trip to ,450 this week, the dominant coin once again surged higher after tanking ,000 quickly.
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The latest Bitcoin news show that BTC has a long way to breach the resistance now. However, the most important thing is that the $9,000 level is not something that is not approachable anymore. The status as resistance certainly makes it look closer than it actually is.
According to analysts, the 7.2% daily gains formed yet another strength for the Bitcoin price, following an unprecedented period of recovery of 160% versus the March lows of $3,600. As one prominent analyst on Twitter:
I'm truly, truly impressed.
Fun part, this picture will be as small as 2014 is right now, in just some years from now. pic.twitter.com/SPtnaypNoy
— Crypto Michaël (@CryptoMichNL) May 1, 2020
Also, the analyst noted that he previously saw resistance kicking in at a maximum of $9,400, right when the crypto news showed upside movements for many other coins. As he added when BTC took over the $9,000 mark:
“First significant resistance hit. Range still structured after that bounce from $8,400. Break above $9,000-9,050 and I’m aiming for $9,300-9,400 again for potential shorts.”
We will keep on tracking the Bitcoin price news and will be updating you for any movement on either sides.
And while you continue reading our posts, why don’t you check the 5 celebrities who own crypto?
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