In just a few minutes’ time, Bitcoin will close May’s price candle. Analysts say that this close will be crucial for indicating in which direction the cryptocurrency market heads next. A region of importance that many analysts are eyeing is the low-$9,000s. As one analyst explained: “We’ve not had a Monthly close above 9360 in nearly 12 months. Rejections from this level have led to tests of $6k and eventually $3k.” Indeed, when Bitcoin failed to surmount this level in February, prices dove to $3,700 during March’s capitulation. And when BTC was rejected from this level in 2018, there was a brutal bear market to $3,150 in the ten months that followed. $9,360 is also around where the downtrend formed after the $20,000 high currently sits, adding to its technical importance. Right now, things are coming down to the wire in terms of Bitcoin closing above this level. The asset trades at $9,400 as of the time of this article’s writing and the close is just a short while away, TradingView has shown. BTC price chart from a crypto trader “Cold Blooded Shiller” (@ColdBloodShill on Twitter). Featured Image from Shutterstock
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.