Bitcoin (BTC) price returned to $ 9,000 a few hours before the halving on May 11and intensified efforts to eliminate the big losses of the weekend.
Daily summary of the cryptocurrency market. Source: Coin360
The BTC price reaches USD 9,150
Data from Cointelegraph Markets and CoinMarketCap showed that the BTC / USD pair tried to set $ 9,000 as support on Monday, while traditional markets were also preparing to open lower.
After some exchanges lost more than $ 1,200 over the weekend and some exchanges fell to just $ 8,250, Bitcoin held around $ 8,800 for the rest of Sunday.
At the time of going to press, price movements were still hard, with an enthusiasm for halving that contrasted with the selling pressure on the Dow Jones, the S P 500 and others.
Bitcoin 1-day chart. Source: CoinMarketCap
Paul Tudor Jones confirms his Bitcoin holdings
Attention was also drawn to a macro investor CNBC interview Paul Tudor Jones, who announced last week that he had bought Bitcoin. Jones’ public praise could trigger an increase in mainstream consumer purchases.
By describing cash as “waste in your hand” due to inflation, He informed the network that Bitcoin accounts for at least 1% of its total assets and that the number could be closer to 2%.
“The impact of a large bullish reaction is also what we’ve seen in previous funds,” Cointelegraph analyst filbfilb summed up on Monday.
If the bulls can hold above $ 8,700 and the POC below that point, it could get better sooner rather than later = that will be lost and resistance will come and then become bearish.
Previously, Cointelegraph published four areas that traders should watch before halving, which could work in a matter of hours.
The event attracted much more attention than the previous halving in 2016, According to data from Google Trends, search interest is only 300% higher this year.