The price of Bitcoin (BTC) broke the previously unthinkable resistance on April 29, when a one-day uptrend drove the markets toward $ 9,000.
Daily summary of the cryptocurrency market. Source: Coin360
The BTC price offers daily profits of 12%
Cointelegraph Markets and CoinMarketCap data tracked the BTC / USD pair as it rose over $ 1,000 in just one dayand hit USD 8,695.
At the time of printing on Wednesday The pair turned around USD 8,650 and showed no signs of a major reversal.
Bitcoin 1-day chart. Source: CoinMarketCap
A few days ago, analysts were skeptical that Bitcoin’s solid weekly performance could continue to put a lot of resistance at around $ 8,500.
However A number of resistance factors, including the 200-day moving average, quickly fell on Bitcoin’s best day in several months.
CME futures gap on the horizon
As Cointelegraph reported, the BTC / USD pair has now fully recovered from its mid-March collapse, when markets fell to their 15-month lows below USD 4,000.
Bitcoin’s earnings since the beginning of the year are now challenging gold for first place in macro assets, with stocks lagging far behind.
In the short term, as the analyst emphasized PressAmong other things, a CME bitcoin futures gap of $ 9,125 could be the next short term target for bulls.
Cointelegraph Markets analyst filbfilb commented on the performance of the day as follows:
Bitcoin has reached an important resistance point of $ 8,800, which usually takes time, so higher volatility is expected in the coming days.