RATE Group | Market Wrap: Bullish Traders Push Bitcoin Over $9,100, Returning to Halving Levels
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Market Wrap: Bullish Traders Push Bitcoin Over $9,100, Returning to Halving Levels

28 May Market Wrap: Bullish Traders Push Bitcoin Over $9,100, Returning to Halving Levels

Posted at 01:00h in Bitcoin News by

The price of bitcoin (BTC) shot above $9,100 Wednesday in high-volume buying at around 10:00 UTC (6 a.m. ET) thanks to traders feeling optimistic about the crypto markets. 

As of 20:40 UTC (4:40 p.m. ET), bitcoin was trading at $9,162, gaining 3.5% over the previous 24 hours. Trading seems to support a higher upward climb as bitcoin’s price is now above its 10-day and 50-day moving averages, a signal of bullish sentiment.

TradingView
Bitcoin trading on Coinbase since May 25
Source: TradingView

The question for the market is whether bitcoin’s price can continue to rise after Tuesday’s struggle to stay at $9,000. Traders like to talk about the $10,000 level as some kind of barrier to blow through that will result in new highs, but bitcoin hasn’t been able to push past that number since hitting it for a short time on May 7. 

“Bulls seem unable to break the $10,000 psychological support for some time since the halving,” said Peter Chen, a cryptocurrency trader at Hong Kong-based…

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