Both bitcoin (BTC) and the broader crypto market saw another strong day today that brought the price of bitcoin past the USD 9,000 level, after also recording gains across the board yesterday. The gains came as sentiment in the market improved even more after bitcoin recovered all of its losses from March, and established itself above key technical levels.
Today’s price surge was led by bitcoin, which was up by more than 18% to USD 9,200 as of press time Thursday morning (06:00 UTC). Meanwhile, other major cryptoassets like ethereum (ETH), bitcoin Cash (BCH) and litecoin (LTC) followed suit with gains of about 13%, 12%, and 10%, respectively, over the same period. However, later, the market started correcting its gains and BTC moved below USD 9,000 again.
Today’s gains came on a day where gold was nearly unchanged from the day before, and US S&P 500 stock futures pointed to a stock market open a mere 0.1% higher than the close yesterday.
“We are viewing the incredibly volatile trading range since 2018 as a longer-term basing/consolidation profile that has bottomed near its long-term uptrend (200-week moving average) and will likely resolve the bigger multiyear pattern to the upside over the coming two to four quarters,” Rob Sluymer, Managing Director of Technical Strategy at Fundstrat Global Advisors, told Bloomberg.