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Bitcoin Price Runs Out Of Steam Above $9,000

bitcoin price BTCUSD
bitcoin BTCUSD

Bitcoin price traded lower after failing to hold above the $9,000 mark. BTCUSD hit the daily high at 9,120, but sellers stepped in and pushed the price below the $9,000 mark. Bitcoin runs out of steam above the $9,000 mark the last five trading sessions.

In a letter to Telegram Open Network (TON) yesterday, Telegram said that American investors can’t wait for one more year and are not eligible for a 110% loan refund option in April 2021. After Telegram delaying its blockchain project for one more year, the company is now telling investors from USA to leave the blockchain project immediately by taking 72% refunds. Telegram offered two choices to all investors: either take a 72% refund immediately or wait until April 2021 and get 110% by converting original investments into loans. Telegram will cover debt via equity sale.

Bitcoin has failed to close a daily candle above the $9,000 mark ahead of the May 12 halving event, that is bullish for bitcoin. The critical question now is how much of the bitcoin halving event has already been discounted in the price at current levels.

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Bitcoin Price Levels to Watch

Bitcoin price is 0.21% lower at $8,871 having breached earlier today above the $9,000 mark for one more day. We need to see a credible close above the $9,000 mark might initiate another leg higher targeting $9,500. But if bitcoin fails to clear the $9,000 mark, then we might see a correction down to $8,000. Bulls are in danger below the $9, 000 mark.

On the downside, minor support for BTCUSD stands at 8,760 the daily low. The next important level to watch in case of further pressure is at 8,510 the low from yesterday’s trading session. Bears will regain control below the 100-day moving average at $8,000.  

On the other hand, initial resistance stands at $9,120 the daily top. The next important resistance would be met at $9,218 the high from May 3. In case of a break higher, then the bulls will be looking for an extension above 9,454 the high from April 30.

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