Analysis points to an early Bitcoin bull market

After halving, prices seem to stabilize below $ 8,700. Just the weekend before the halving, the Bitcoin price collapsed by 15% and landed at $ 8,100. Since then, there have been problems getting past the $ 9,000 mark.

Within days of the halving, the price of the Bitcoin collapsed by 15%. At $ 8,700, he seemed comfortable afterwards.

Contrary to the gloomy economic outlook of the US Federal Reserve Chairman Jerome Powell, Bitcoin touched several important resistance levels and landed at a price of $ 10,000. It appeared that Powell wanted to support the US Democrats ‘ proposed $ 3 trillion stimulus. However, the FED chief also announced plans for a negative interest rate, as US President Trump had previously put up for discussion via his favorite medium Twitter on Wednesday this week.

Nevertheless, the BTC bulls took the helm and overshadowed the movements in the important S & P 500 index with a short-term trend.

Small Bitcoin Rally Closes Biggest CME Gap

In anticipation of a new Bitcoin high in May, the bulls compensated for some losses over the past weekend. Because in intraday trading, the price climbed by 13%. On Wednesday of this week, the price of Bitcoin increased by 5,78%, which corresponded to a price increase of more than $ 516. The price of the crypto reference currency started at just over $ 8,700. He closed around the psychologically important mark and hurdle of $ 9,200.

The trend continued on Thursday before a small correction, at the time of writing, the price again landed at just over $ 9,700.

The temporary price rally to $ 10,000 shows that the market is leaving its recent slump behind. It closes the historic $ 1,200 gap in Bitcoin futures trading on the Chicago Mercantile Exchange (CME)-and within hours.

As mentioned last week, the probability of reaching the $ 10,000 threshold was 77%. The cut in profits in trade in Europe does not stand in the way of optimistic forecasts. The fact that the price was able to close above the relevant level speaks in favor of the” recapture ” of the threshold of $ 10,000.

BTC Daily Rate Price Chart / Coin360

Technical analyst Michaël van de Poppe stipulate today’s uptrend as a sign of Bitcoin’s return” to a bull market.” According to him, the last slump occurred before the halving, the decline of $ 400 in intraday trading represents a “nice trading range” for him today, Thursday.

The analyst sees prices in the range between $ 8,250, $ 8,400 and $ 8,600 as realistic lows for Bitcoin. In doing so, he emphasizes a potential towards highs between $ 9,800 and $ 10,100 for trading.

The gains of Bitcoin on Thursday Michaël van de Poppe due to the positive price trend of gold( GLD) in connection with the economic outlook raised by Powell. The precious metal posted a price increase to over $ 1,700 during the writing of this article, the increase within 24 hours was 0.4 %. Loud, the price of gold per troy ounce rose by $ 6.28 to $ 1,727.

The market of altcoins is also hopeful with an upward trend: the increase in Ethereum (ETH) was over 4 %, the coin was traded at more than 205 USD. Ripple’s XRP rose to over $ 0.203 at press time, up 2.05%. Again, this is due to the crypto bulls and their hope for rising prices. BCH and BSV, for their part, are in the green zone alongside EOS and LTC. BCH and BSV showed a significant increase in hashrates after BTC halving.

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