Bitcoin price analysis: BTC/USD up 7.6% from Friday; Soros drives change in the sentiments

Bitcoin staged a nice recovery on weekend and smashed several important resistance levels as the sentiments towards cryptos changed for the better. The coin is 7.6% higher from Friday close, which may signal that the prices have created a short-term bottom.

Gorge Soros probably played a role as a catalyst that changed the sentiment on the cryptocurrency market. Renowned billionaire and vocal cryptocurrency critic seems to have changed his mind. In January was sure that cryptocurrencies a bubble, but now he approves trading virtual coins by his New York-based Soros Fund Management.

Meanwhile, Soros has been indirectly engaged on cryptos for some time already. Thus he is the third biggest shareholder of Overstock.com - the discount e-commerce company that accepts virtual coins for payment.

Bitcoin technical picture

The intraday picture looks inspiring as BTC/USD is trading at $$7,120, above moving averages registered on the hourly chart. While the key resistance created by April 3 high, is still out several hundred points away, the coin has a good chance to reach it once the European and American players join the game later today. The local support comes at $7,000 strengthened by 200-EMA (hourly interval); it is followed by $6,900 and $6,600.

BTC/USD, the hourly chart