Bitcoin recovers above $ 9,500: will it break resistance at 10,500?

Bitcoin price rose over 4% as buyers recover from yesterday’s drop to $ 8,900

Bitcoin fell below a critical support level on Monday morning before an afternoon rally correlated with the U.S. stock market helped buyers make up for losses.As the US futures markets rose an average of 3% that day, Bitcoin rose to a low of $ 8,949 after dropping to a low of over $ 9,000. The eruption to the top of the range has continued for the past 24 hours. As a result, the leading cryptocurrency peaked at $ 9,600 and rose an impressive $ 700 on the same day.

 

New information

According to well-known crypto-analyst Michael van de Poppe, the bitcoin is on the right track towards the coveted level of $ 10,500 due to the recovery to over $ 9,000. The analyst had previously tweeted that the BTC should have returned to $ 9,300 before retreating to the support zone at $ 9,000.According to the analyst, more support from buyers above $ 9,000 is needed if the BTC bulls want to break a price move above the stubborn resistance of $ 10,500 and above.The jump to $ 9,600 is giving Bitcoin the cushion to recover at the top of the $ 8,900 to $ 9,000 range. Poppe believes this will bring the “price within reach”, which will prepare the coin for another test of $ 10,500.