After a surprising breach of USD 9,000, followed by an almost immediate plunge down by over 10% yesterday, Bitcoin has survived the pressure from sellers to start Saturday strong, climbing back up slowly towards USD 8,500, which is beginning to look like a strong support level.
It was a temporary victory for the bears, however, since touching a 24-hour low of USD 8,212, Bitcoin is now trading at BTC 8,577 ( 11:30 am UTC, CoinDesk) and looking like it’s about to embark on another strong recovery, as has been the tune of the past few weekends.
Bulls will take a lot of comfort from the quick recovery but they know that they will first have to test resistance at USD 8,600 before they can make another push towards the current 2019 high just above USD 9,000. However, a strong and sustained break above this and they can expect to see more gains in the near term. At least, most speculators are still feeling the good vibes.
$BTC #Bitcoin 12 hour – So far so good on this latest pullback to the EMA 34 pic.twitter.com/aUreFJVo2W
— Big Cheds (@BigCheds) June 1, 2019
The near and medium-term charts are showing positive zones and the bulls will likely wait for another Sunday push from Asian markets before taking charge once more. India Bitcoin trader Aditya Singh certainly believes that the bulls are taking the bears for a ride.
Bears taken for a ride by BULLS #bitcoin #india pic.twitter.com/rQfRX0TcIy
— Aditya Singh (@CryptooAdy) June 1, 2019
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