Bitcoin (BTC) was back on May 1 as the largest cryptocurrency regained $9,000 after climbing 7% in less than 24 hours.
Cryptocurrency market daily overview. Source: Coin360
BTC price shoots for fresh $9K support
Data from Cointelegraph Markets and CoinMarketCap showed a triumphant return to form for BTC/USD, which a day previously had fallen as low as $8,400.
After what appeared to be a mass profit-taking exercise during its trip to $9,450 this week, Bitcoin once again surged higher after tanking $1,000.
At press time, $9,000 was still in the process of settling, with its status as support over resistance still uncertain.
Bitcoin 1-day chart. Source: CoinMarketCap
Nonetheless, 7.2% daily gains formed yet another sign of Bitcoin’s strength, following an unprecedented period of recovery of 160% versus March lows of $3,600.
“I’m truly, truly impressed,” Cointelegraph analyst Michaël van de Poppe tweeted about Friday’s performance.
Fun part, this picture will be as small as 2014 is right now, in just some years from now.
Van de Poppe had previously said that he saw resistance kicking in at a maximum of $9,400, with a support floor at $8,200 in the event of a market drop.
“First significant resistance hit,” he added as $9,000 briefly reappeared.
Range still structured after that bounce from $8,400. Break above $9,000-9,050 and I’m aiming for $9,300-9,400 again for potential shorts.
Cointelegraph has closely tracked Bitcoin’s price behavior this week and will continue to do so as the long-awaited block reward halving nears and fiat markets remain highly unstable.