The price of Bitcoin (BTC) reached $ 9,400 on May 28 on its recent attempt to reverse a downtrend that had hit lows of $ 8,640 a few days earlier.
Daily summary of the cryptocurrency market. Source: Coin360
BTC price: 3-day profit approx. 8%
Cointelegraph Markets and CoinMarketCap data showed this The BTC / USD pair breaks new ground Thursday with daily gains of 3%.
At the time of writing, $ 9,400 was insured, which increased to $ 9,460 before a slight reversal. These levels are reached one day after Bitcoin’s $ 9,000 and $ 9,200 restoration, respectively.
Bitcoin 1-day chart. Source: CoinMarketCap
Next key destination – $ 9,500
As Cointelegraph reported, this implies a stronger outlook on traditional markets and brings the BTC / USD pair closer to the five-digit range.
So far, the resistance has prevented re-entry into $ 10,000, while last week has seen losses as miners increased BTC sales, although they grew significantly less after halving earlier this month.
It later emerged that institutional fund giant Grayscale is now buying one and a half times as much Bitcoin as is now being mined.
Meanwhile this week, Factors such as Goldman Sachs’ opinion that the cryptocurrency was “not an asset” had had no noticeable impact on market sentiment.
$ 9,500, a level that has focused on price fluctuations in recent weeks, is now the next hurdle to overcome.