forex advisor developer

BTC Hits Resistance at 9,050 as 7 Daily Comeback Continues

Bitcoin (BTC) was back on May 1 as the largest cryptocurrency regained $9,000 after climbing 7% in less than 24 hours. Data from Cointelegraph Markets and CoinMarketCap showed a triumphant return to form for BTC/USD, which a day previously had fallen as low as $8,400.

After what appeared to be a mass profit-taking exercise during its trip to $9,450 this week, Bitcoin once again surged higher after tanking $1,000. At press time, $9,000 was still in the process of settling, with its status as support over resistance still uncertain. Nonetheless, 7.2% daily gains formed yet another sign of Bitcoin’s strength, following an unprecedented period of recovery of 160% versus March lows of $3,600.

“I’m truly, truly impressed,” Cointelegraph analyst Michaël van de Poppe tweeted about Friday’s performance. Van de Poppe had previously said that he saw resistance kicking in at a maximum of $9,400, with a support floor at $8,200 in the event of a market drop. “First significant resistance hit,” he added as $9,000 briefly reappeared. 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.

Cointelegraph has closely tracked Bitcoin’s price behavior this week and will continue to do so as the long-awaited block reward halving nears and fiat markets remain highly unstable.

Bitcoin Price Hits Resistance at $9,050 as 7% Daily Comeback Continues, CoinTelegraph, May 1

Source: FXPro