Bitcoin price trades higher for the third consecutive session after Fed chairman Jerome Powell warned investors that the recovery would be gradual until the end of 2021 while rejected for one more time the negative interest rates scenario. On the other hand, President Donald Trump endorsed the strong dollar policy while keep pushing for negative interest rates. The headlines shift investor’s attention to gold and bitcoin, which makes today another attempt for the 10,000 mark.
Bitcoin supported as risk-on sentiment returns to markets amid the businesses reopening around Europe and USA. A strong opening in stock markets today increase the risk appetite as the rebound from the coronavirus sell-off in March continues.
BTCUSD rejected once at the 10,000 mark and retreated sharply lower before the bitcoin halving event that occurred on Monday, May 11.
The bitcoin capitalization has now reached $ 178 billion and the trading volume the last 24 hours has reached 43.7 billion. The market capitalization of the 100 biggest cryptocurrencies has surpassed $267 billion.
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Bitcoin Price Technical Analysis
Bitcoin price is 1.07% higher at $9,554 while earlier today the number one crypto – pair stalled just below the 10,000 mark at 9,966. Bitcoin is now just 5% away from the yearly highs in February as the rebound from as it has managed to gain over 150% since the March lows. Bulls are in full control of bitcoin but need a break above the 10,000 mark that might initiate another leg higher targeting the 10,500 resistance.
On the upside, first resistance stands at $9,966 the daily top. The next strong resistance for bitcoin will be met at $10,073 the high from May 7. In case of a move higher, then the bulls will be looking for an extension above 10,516 the high from February 15.
On the other hand, immediate support for Bitcoin stands at $9,541 the daily low. The next level to watch in case of more selling pressure is at $9,100 the low from May 15 trading session. Next support zone stands at $8,834 the low from May 13.