Bitcoin just recovered a three-week low stalled at classic resistance levels and tested to be worth $9,500 on June 16. Trader Michaël van de Poppe says;
A strong correlation with stock market movements still leaves room for Bitcoin to test five figures
Bitcoin hits highs of $9,570:
According to the data from CoinMarketCap, it is evident that bitcoin gained $600 over the past 24 hours in order to hit highs of $9,570. On Tuesday, the progress of Bitcoin hindered with $9,500 proving a weak support level and hourly performance producing lows of $9,450 at press time. A pre-trading rout on Monday sparked a brief trip below $9,000, while BTC’s recovery came in tandem with a surge higher across stocks.
The stimulation of the dip followed by its recovery was a result of the coronavirus concerns which were then followed by an announcement from the United States Federal Reserve. The Fed revealed it would step up its presence in bond markets, after which, rumors surfaced that Donald Trump’s administration was preparing an infrastructure investment boost worth $1 trillion.
The result of Monday’s action indicates that despite the disengagement of the largest cryptocurrency since coronavirus, it still gets effected by external factors.
Bitcoin back on track for $10,500:
Cointelegraph analyst, Michaël van de Poppe welcomed Bitcoin’s return to the focal $9,500 zone despite its fickleness as he tweeted;
— Crypto Michaël (@CryptoMichNL) June 16, 2020
On the other hand, Van de Poppe argued that Bitcoin “needs to reclaim $9,300 relatively fast” in order to prevent a loss of its thrust. He further stated that a “crucial pivot,” was represented at $8,600. This caused it a failure to hold that level an invitation to test the 200-day moving average currently being at just above $8,000, or as low as the $6,000 range.