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Bitcoin (BTC) price recovered on May 1, main cryptocurrency recovered $ 9,000 after rising 7% in less than 24 hours.
Daily summary of the cryptocurrency market. Source: Coin360
Bitcoin price points to new $ 9,000 support
Data from Cointelegraph Markets and CoinMarketCap showed a triumphant return for the BTC / USD pair, which a day earlier had dropped to $ 8,400..
After what appeared to be a mass profit-taking exercise during his trip to $ 9,450 this week, Bitcoin’s price once again rose higher after dropping $ 1,000.
At the time of publication, the $ 9,000 was still in the process of adjustment, with its support condition on resistance still uncertain..
1-day Bitcoin chart. Source: CoinMarketCap
However, the 7.2% rise was another sign of Bitcoin’s strength, after an unprecedented recovery period of 160% against the March lows of $ 3,600.
“I’m really, really impressed,” Cointelegraph analyst Michaël van de Poppe He tweeted about Friday’s performance.
The funny thing is that this image will be as small as 2014 is right now, in a few years.
Van de Poppe had previously said he saw resistance at a high of $ 9,400, with a floor of $ 8,200 in the event of a market crash.
“First significant resistance reached”He added as the $ 9,000 reappeared briefly.
The range remains structured after that bounce at $ 8,400. If it exceeds $ 9,000-9,050, I aim for $ 9,300-9,400 again for short potentials.
Cointelegraph has been closely monitoring Bitcoin’s price behavior this week and will continue to do so as the long-awaited halving approaches and fiduciary markets remain highly unstable.
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