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Bitcoin price is being corrected, but bullish investors seem determined to regain the $ 9,000 mark

May 1, 2020

The price action for Bitcoin (BTC) on Thursday was relatively quiet compared to the last 48 hours The largest cryptocurrency from CoinMarketCap had on Tuesday and Wednesday.

In the cryptocurrency community It is easy to find analysts on Twitter who require the digital asset to rise to $ 10,000 before halvingAnd some have even hinted that a new life record is at stake.

Tether withdrawals increase with the BTC price

Regardless of these predictions, Bitcoin’s $ 1,700 movement in a single day caused waves and Crypto exchanges like Binance have managed to manage $ 16 billion in trading volume, a new record since January 2018.

Bitcoin price is being corrected, but bullish investors seem determined to regain the $ 9,000 markBitcoin price is being corrected, but bullish investors seem determined to regain the $ 9,000 mark

The dates of the Glass knot chain analysis provider showed that USDT withdrawals also hit a record high of $ 1,943,417 soon after Bitcoin’s price hit $ 9,450.

Daily market chart for the crypto market

Daily price chart of the crypto market. Source: Coin360

After hitting $ 9,450, the digital asset declined 11.36% to $ 8,394 before recovering to trade in the $ 8,600 range for the rest of the day. As discussed in a previous analysis, a pullback was expected to retest past resistance levels.

A new test of $ 9,000 is at stake

The $ 8,383 recovery also briefly touched the $ 8,300 to $ 8,500 range, which has served as resistance and support since September 2019.

BTC USDT daily chart

BTC USDT daily chart. Source: TradingView

At the time of this issue, BTC / USD is trying to break the zone from $ 8,600 to $ 8,800 where there is also a high volume node in the VPVR. A step above this level opens the door for a new visit at $ 9,200 to $ 9,400.

BTC USDT daily chart

BTC USDT daily chart. Source: TradingView

If Bitcoin can’t hold $ 8,600, a drop to 61.8% Fibonacci retracement is expectedA golden pocket bounce, however, seems unlikely as Wednesday’s daily candle quickly cuts through several resistance levels without building up the support levels that are usually the result of consolidation phases.

thats why If Bitcoin does not recover from the Fibonacci level of 61.8%, a more likely revision to stronger supports at USD 7,450 and USD 7,600 is likely.

BTC USDT 4 hour chart

BTC USDT 4 hour chart. Source: TradingView

Currently The price tries to set a maximum of 4 hours over $ 8,876. However, the purchase volume is only a fraction and the divergence of the moving average of the convergence shows a bearish cross. In the time frame, the MACD bends in the direction of the signal line and the histogram slowly works towards 0. The 4-hour RSI also pushes back upwards at 65.

At the moment Traders should look for a 1 hour period to see an increase in purchase volume and a 1 or 4 hour candle that closes above $ 8,876.

The views and opinions expressed here are solely those of author and do not necessarily reflect Cointelegraph’s views. Every investment and every trade step involves risks. You have to do your own research when making a decision.

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