Cryptocurrency Market Update: Bitcoin rejected from $10,000, Mike Novogratz reckons “this rally is just starting”

Bitcoin price was at the forefront of recovery on Thursday when it exploded to $10,000. The rest of the market tried to emulate BTC but could only post gains in small margins. For instance, Ethereum finally broke above the resistance at $212 and extended the action to $216. Ripple bounced off the support at $0.21 and broke the stubborn resistance at $0.22. At the time of writing, retracements are underway across the board with Bitcoin price sliding back under $10,000.

Mike Novogratz remains bullish

The former hedge fund manager, Mike Novogratz believes that Bitcoin surge above $10,000 is just the beginning of a long-running rally. His message to investors is to join the bandwagon as Bitcoin is yet to set the yearly highs.

Exciting day for $btc. I want to point out that we aren’t even at the years highs. This rally is just starting. Don’t miss the bus.

— Michael Novogratz (@novogratz) May 7, 2020

Another hedge fund manager Paul Tudor Jones in his latest letter to investors showered Bitcoin with praises saying that the digital asset had the potential to become the paramount hedge against global economic uncertainty. Jones pointed out that although Bitcoin is currently a poor store of value, it makes up for with its portability and endless liquidity. He wrote in the letter:

I am not an advocate of Bitcoin ownership in isolation but do recognize its potential in a period when we have the most unorthodox economic policies in modern history.

Bitcoin price update

At the time of writing, Bitcoin is trading at $9,867 after adjusting downwards from $10,000 (opening value). An intraday high was formed at $10,047, although Bitcoin hit highs around $10,120 on Thursday. The existing trend is bearish as sellers strengthen their grip. Meanwhile, pre-halving volatility and speculation continue to keep the activities within the network at the peak.

Also read: Bitcoin Price Analysis: Can BTC/USD close the week above $11,000 pre-halving? – Confluence Detector

Chart of the day: BTC/USD daily

Ethereum and Ripple market update

Ethereum tried to react in tandem with Bitcoin’s surge above $10,000. However, its price action stalled at $216 leaving $220 untested. After a 1.33% loss on the day, ETH/USD is teetering at $209. If selling activities continue, support areas likely to come in handy include $200 and $195.

Read more: Ethereum is the key in global financial crisis – Vitalik Buterin

Ripple, on the other hand, is trading 1.64% lower on the day. From an opening value of $0.2187, XRP/USD is dancing at $0.2152. The trend is strongly bearish and is bringing attention to the first key support at $0.2100. Other areas of interest to the bulls include the support at $0.2050 and $0.2000 respectively.

Read more: Ripple Price Analysis: XRP/USD triangle breakout retreats from $0.22 hurdle