Bitcoin Digs In at $8,700 as Momentum Gains for $9,000

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Bitcoin Digs In at $8,700 as Momentum Gains for $9,000

The correctional pattern following the new 2019 high for Bitcoin price was halted yesterday as the digital asset clawed its way upwards from support levels to figure in at USD 8,700, with a narrow range of about USD 200 from a 24-hour low of USD 8,562 to a 24-hour high of USD 8,760 (10:00 am UTC, CoinDesk).

Bulls are waiting on the sidelines for a major push now towards USD 9,000, which will signal for many analysts a definite momentum towards five digit US dollar valuations. However, with less than 48 hours to the end of May, a psychological blow to the Bitcoin bears appears unlikely, as Bitcoin will need to hold above the new levels for 24 hours before a decisive call is made.

Accompanying the slight climb from yesterday have been solid demand across the board, with volumes continuing to show significant numbers to suggest accumulation is still ongoing even at these prices.

Nevertheless, even at today’s current levels, Bitcoin has already impressed, with crypto trader Josh Rager Tweeting that it could still produce the longest green candle since November 2013, should it close tomorrow above USD 8,975 at least.

In any case, the general sentiment continues to be strongly bullish and highly positive, with most traders and speculators expecting a push for USD 9,000 to be imminent.

 

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