The price of Bitcoin returned above $8,000 earlier this morning, after a sparse dip below that price level last week. BTC/USD has been staying steady this week as investors anticipate the next possible breakout. For the past two weeks, Bitcoin increased up to 20%.
BTC/USD Showing Strength
Despite slipping below $8,000, the price of Bitcoin bounded back quickly on Monday morning. The sparse price drop was likely due to a “whale dumping” of more than $50 million worth of digital currency in one transaction on the Bitfinex exchange platform. The fact that New York’s attorney general may take a closer look at top cryptocurrency exchange services operating in the state may have also affected.
Bitcoin price has however shown enough strength to appreciate towards $9000 Tuesday morning, showing significant optimism to retest $10,000 level again. Earlier in the day, BTC/USD took only one hour to recuperate from a sudden fall from $8,000.
For now, BTC/USD has at least set a support level at $6600, while the resistance of $9250 is set to be tested. The cryptocurrency is also trading just underneath its 20-day moving average. This implies that BTC/USD is still in the bullish region. Realistically, investors could see Bitcoin reach $10,000 later this week, while a steady support level suggests any downside would drop it back to around $8000 level