The cryptocurrency scaled the $9,000 mark on Tuesday, signaling a short-term bullish reversal. However, BTC has spent a better part of the 48 hours since trading the narrow range of $8,700-$9,200, as per CoinDesk’s Bitcoin Price Index (BPI).
The move above $9,000 coincided with Tether’s latest token issue. The company printed 300 million new USDT via OMNI, pushing the yearly total close to $850 million. Comments on social media indicated that investors were expecting a solid rally in bitcoin (BTC) prices after the issuance of the USD-pegged crypto, but it wasn’t to be.
The exhaustion above $9,000 is not surprising: BTC has rallied close to $2,000 from the March 18 low of $7,335 without a notable pullback. Further, multiple key resistance levels are lined up in the $9,180-$9,470 range, as discussed yesterday. Also, the upside is being capped by the descending 100-MA (moving average), the 4-hour chart shows.
As of writing, the BPI is seen at $8,718. The global average price, as calculated by CoinMarketCap, stands at $8,773 – down 3.38 percent in the last 24 hours.
The price chart analysis indicates scope for a pullback if the bulls fail to defend support at $8,750…