Bitcoin (BTC) price recovered on May 1, the main cryptocurrency recovered around $ 9,000 after a 7% increase in less than 24 hours.
Daily summary of the cryptocurrency market. Source: Coin360
Bitcoin price suggests new support of $ 9,000
Data from Cointelegraph Markets and CoinMarketCap showed triumphant returns for the BTC / USD pair, which had dropped to $ 8,400 a day earlier..
After an apparently massive profit-taking during his trip to $ 9,450 this weekBitcoin’s price rose again after falling $ 1,000.
At the time of publication, the $ 9,000 was still in the adjustment process, with the support condition for the resistance still uncertain..
1-day bitcoin chart. Source: CoinMarketCap
However The 7.2% increase was another sign of Bitcoin’s strength after an unprecedented recovery of 160% from the March low of $ 3,600.
“I’m really, really impressed,” said the analyst from Cointelegraph Michaël van de Poppe He tweeted about the performance on Friday.
The funny thing is that in a few years this picture will be as small as 2014.
Van de Poppe had previously said he saw resistance at a high of $ 9,400 with a minimum of $ 8,200 in the event of a market crash.
“First significant resistance reached”He added when the $ 9,000 briefly reappeared.
The range remains structured after this recovery at $ 8,400. If it exceeds $ 9,000-9,050, I will aim for $ 9,300-9,400 again for short-term potential.
Cointelegraph has closely monitored Bitcoin’s price behavior this week and will continue to do so as the long-awaited halving approaches and trust markets remain very unstable.