RATE Group | Market Wrap: Bitcoin Stuck in High $9K Range as Stocks Soar on Powell Comments
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Market Wrap: Bitcoin Stuck in High $9K Range as Stocks Soar on Powell Comments

18 May Market Wrap: Bitcoin Stuck in High $9K Range as Stocks Soar on Powell Comments

Posted at 22:38h in Bitcoin News by

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). 

btcmay18
Bitcoin trading on Coinbase since May 16
Source: TradingView

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…

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