The Bitcoin price (BTC) finally reached $9,500 on May 7th, exceeding expectations and giving traders and investors real cause for optimism.
The BTC is knocking on the door of the $10,000. Data from Cointelegraph Markets and CoinMarketCap followed the BTC/USD pair as it broke through the ground-breaking $9,500 barrier on Thursday, the highest price since February 24th.
After spending the week building support in the mid $8,000 range, Bitcoin experienced a dramatic rise, rebounding to the $9,000 level and reaching local highs of $9,630 at the end of this issue.
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Weekly gains for Bitcoin investors exceeded 9.2%, with the 34% return since the beginning of the year already well above that of gold or other macro investments.
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10-month downtrend? As Cointelegraph reported, the last two weeks were marked by the decoupling of Bitcoin Bitcoin Code, Ethereum Code, Bitcoin Trader, Bitcoin Formula, Bitcoin Investor from the stock markets, challenging previous habits of going it alone. At the same time, doubts remain about the strength of the current market.
USD 9,500 has not yet established itself as a support level as the area is forming strong resistance as the markets approach the five-digit numbers after an absence of almost three months.
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However, analysts were positive and Keith Wareing of Cointelegraph Markets pointed out that Bitcoin has now come out of a downward trend that had lasted for more than 10 months.