Bitcoin price must hold $9,000, correction to $5,900 possible

  • The Bitcoin price is showing a small recovery after the price fell briefly to $8,650 yesterday.
  • Should the $9,000 mark not be regained by the bulls, a further correction to $7,000 or even $ 5,900 could follow.

The Bitcoin price continues to show high volatility. Yesterday Bitcoin plunged to a temporary $8,650, but a small recovery followed. Within the last 24 hours, Bitcoin recorded a plus of 1.14% to a price of $8,927.34 . The market capitalization has risen from $160 billion to $163 billion.

Bitcoin Trader Josh Rager describes in a video update that Bitcoin has closed below the $9,000 mark on the weekly chart and therefore caution is advised. Although Bitcoin is currently showing a small recovery towards the $9,000 mark, another correction could follow if Bitcoin cannot find new buyers to drive the price further up. Rager therefore warns of a sell-off towards the end of the week.

The crypto trader HornHairs shared a chart with his followers showing two possible scenarios either Bitcoin could try to go from support of $8,840 to over $9,000, or a correction will follow until the next support of just under $8,600. He leaves open which possibility he considers more likely.

The anonymous trader “Cold Blooded Shiller” stated that Bitcoin is currently trading in a narrow price range of $8,700 to $9,000, offering perfect opportunities for the trading technique of “scalping”. Currently the trader is looking for a way to open a short position, but has not yet found a suitable setup. He points out to his followers that stop loss orders are especially important in volatile times like now.

He also believes that a further correction to $7,000 and, if it continues to fall below support along the $6,700 mark, even to $5,900 in the coming weeks is possible. “Cantering Clark” shares this opinion and describes that the bears have taken the helm and that he believes a further correction to $7,000 – $6,700 could be a realistic goal in the coming days. In his opinion, Bitcoin will continue to draw deeper highs.

Meanwhile, the Altcoin market has shown a strong correlation with Bitcoin in the last few days, so Ethereum has risen to a price of $204.23, up 1.46%. XRP trades at $0.19 and is also trending sideways (+ 0.50%). Litecoin is slightly up to $42.89 (+ 1.08 %) at the time of writing.

Are we experiencing a “crypto-spring”?

The co-founder of Reddit, Alexis Ohanian, described in a recent interview that Bitcoin and the cryptomarket will soon experience a new “spring”. In his opinion, there are many Wall Street investors who are entering the market step by step and buying Bitcoin. According to Ohanian, Bitcoin has “come to stay”:

It’s interesting to see OGs of Wall Street now getting into crypto and buying bitcoin. It’s increasingly showing that it’s here to stay.

Some analysts in the industry see great potential in Reddit’s new crypto project to reward the community with community points for high-quality content, and a great opportunity for further increasing adoption.

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