Bitcoin Finds Much Needed Love and Rekindles Hopes of $10,000

Bitcoin gained 5.79% on Tuesday, following Monday’s 2.16% rise, to end the day at $9,653.5. In contrast to Bitcoin Cash that struggled through the day, Bitcoin saw little red throughout the day, the morning’s $9,187.1 low coming within the first few hours. Bitcoin managed to avoid testing the day’s first major support level of $8,802.93 and 23.6% FIB Retracement Level of $8,363, supporting the latest bull trend and a Bitcoin rally through the day’s first major resistance level of $9,044.93 within the first hour.

Moves through the rest of the day saw Bitcoin break through the 2^nd resistance level of $9,148.97 and 3^rd resistance level of $9,390.97 with relative ease, the key move being Bitcoin’s hold above the 3^rd resistance level by the close.

Bitcoin has managed to hold off a reversal to sub-$9,000 levels and the recovery has brought $10,000 back into play ahead of Bitcoin Cash’s hard fork, though Bitcoin will need broader market sentiment to remain upbeat to support such a move.

For the Bitcoin bulls, the trend bucking run on Tuesday will have been well received and should provide some support through the day ahead.

Get Into Cryptocurrency Trading Today

At the time of writing, Bitcoin was up 0.23% to $9,669, with Bitcoin managing to buck the trend across the broader market in the early part of the morning.

Following a start of the day fall to a morning low $9,500, Bitcoin managed to draw in buyers to move through to a morning high $9,767.4 to bring the day’s first major resistance level of $9,869.97 into play, as the Bitcoin bulls go in search of $10,000 that would be a first since 7^th March.

With Bitcoin steering clear of the day’s first major support level of $8,802.93 and 23.6% FIB Retracement Level of $8,979.2 early on, holding above $9,500 levels through the day will be key to continue supporting a buck trending run through the day, a move through to the morning’s high supporting another run at $10,000 levels.

The markets are going to need to be pretty bullish for Bitcoin to break through to $10,000 levels however, the latest bull trend that formed back at 6^th April’s swing lo $6,500.2 looking tired without any positive news hitting the news wires to draw in investors sitting on the side lines.

Elsewhere, it was a sea of red, with Bitcoin Cash down 2.78%, Stellar’s Lumen down 3.4% and DASH down 4.2%, the moves early on coming off the back of a late sell-off on Tuesday.

Looking across at the Cboe Bitcoin Futures, the May contract was up $270 to $9,730, which could provide some much needed direction, the futures market having provided investors with little in the latest bull trend.

Buy & Sell Cryptocurrency Instantly