Tanya Abrosimova
Independent Analyst
- Bitcoin is up 22% from Sunday's low, but $9,000 is still unbroken.
- The upside is caused by technical factors coupled with positive fundamental news.
Bitcoin price broke above $9,000 for a short moment but retreated quickly. Currently, BTC/USD is trading at $8,953, mostly unchanged since the start of the day, while it gained over 4% during the latest 24 hours.
There are two main factors behind the forceful bullish run of the last three days. The first one is technical. Market overreacted to the yet unconfirmed speculations about Twitter plans to ban cryptocurrency advertising. Bitcoin dipped to $7,318 on Sunday, before new buyers came in and started to squeeze weak shorts out of the market.
The second reason is fundamental. The news that Mark Carney, the head of the Financial Stability Board (FSB), did not see the risks coming from cryptocurrencies, was interpreted as a bullish signal, intensified by G20 decision classify cryptos as assets. Bitcoin overreacted once again and gained 22% from Sunday's low and broke above the long-term downside trendline, which is a positive technical development.
Bitcoin price technical picture
The short-term technical picture remains bullish as long as BTC/USD stays above the trendline (currently at $8,600), but the further upside is not warranted unless the price moves above $9,200 (200-DMA) and at $9,400 (50-DMA). On the downside, the support levels are produced by $8,600 and $8,315 (Monday's low).
BTC/USD, the daily chart
-636571997271792953.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?