18 May Market Wrap: Bitcoin Stuck in High $9K Range as Stocks Soar on Powell Comments
Bitcoin treaded water in the high $9,000 range Monday as stocks rallied and traders wondered when the cryptocurrency would break the five-digit barrier again.
Stocks, meanwhile, got a boost a day after Federal Reserve Chair Jerome Powell talked about continued stimulus efforts for the U.S. economy during a television interview Sunday.
At $9,673 as of 20:30 UTC (4:30 p.m. ET), bitcoin (BTC) was trading down less than a percent over 24 hours. The largest cryptocurrency by market capitalization was close to its 10-day and 50-day moving averages, a technical indicator signaling the price is likely to remain flat in the near term.
While bitcoin hit $9,958 in early trading on exchanges like Coinbase, it dropped as low as $9,436 and has climbed as high as $9,700 since 16:00 UTC (12 p.m. ET).
Bitcoin briefly topped $10,000 on May 7 but has not reached such heights since. However, traders are eagerly awaiting a return to five digits…