Bitcoin Pulls Back $ 900 After Vertical Rise To $ 9,500
Having risen above $ 9,400 this Thursday, Bitcoin experienced a $ 900 pullback for several hours and at some point fell below the $ 8,600 level..
At the time of publication, the market continues to demonstrate increased volatility, however, the rise in the 24-hour period is still about 10%. At today’s peak, the value reached 20.7%.
A sharp surge in traders’ activity was reflected in the trading volume. On Wednesday, Binance CEO Changpeng Zhao noted that the maximum for this indicator on his exchange was reached above $ 11 billion.Since then, Binance’s volumes have continued to grow and have already exceeded $ 17 billion..
“Probably, this vertical rise in Bitcoin to the resistance of $ 9,300 – 9,500 against the background of liquidation of short positions stopped after the liquidation of long positions of traders who bought high. So it may just be a technical movement, “said analyst Michael van de Popp..
Looking at a longer time frame, bitcoin has already won back all March losses and returned to levels not seen since late February. Growth relative to the beginning of the year was 22%, which allowed the cryptocurrency to become the leader in terms of return on investment among all asset classes. Large stock indices S&The P 500 and the Dow Jones remain in the red by 9.8% and 14.7%, respectively, while the price of gold on the spot market has risen by 13.2% since the beginning of the year..
Other major cryptocurrencies also rolled back along with Bitcoin. Their growth is now in the range of 1-4%, which corresponds to the dynamics of the digital asset market on a normal day..
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