The price of Bitcoin (BTC) reached USD 9,500 on May 14, as the recovery from last weekend’s USD 1,200 drop gained further momentum.
Cryptocurrency market daily overview
Bitcoin price drops suddenly after filling the futures gap with $10,000
BTC price rose 11% in days
Data from Cointelegraph Markets and CoinMarketCap showed that the
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pair passed another resistance barrier in Thursday’s trading, taking the three-day gain to 11%.
The last 24 hours alone have seen an increase of about USD 8,900.
At the time of this writing, the USD 9,500 mark appeared to be holding; the level marked a 1,300 improvement against a momentary fuse to USD 8,200 during the drop.
USD 8,200 marks the current zone of the Bitcoin 200-day moving average.
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Bitcoin’s earnings this week are in even more contrast to traditional and macro markets. This „decoupling“ of stocks, which Cointelegraph reported earlier, shows no signs of abating.
As Cointelegraph analyst Scott Melker ironically summed up on Twitter
Remember the day the stock plummeted and Bitcoin went up? That was today. And yesterday. They’re not correlated now, and they weren’t correlated before. Thank you.
2 key figures suggest that Bitcoin’s price is on the way to $10,000 again
For the analyst Michaël van de Poppe, paying too much attention to the correlation of markets in times of crisis and then it is a dangerous game.
„When the shit hits the fan (which was in March), all correlations tend to go towards 1,“ he tweeted on Thursday:
Since then, gold, silver and Bitcoin have been resistant to any downward movement and have shown strength apart from the stock markets. It is better not to look at these correlations.
Meanwhile, Cointelegraph Markets‘ latest technical analysis shows several metrics that suggest once again that BTC is on its way to the key level of USD 10,000 again.