The price of Bitcoin (BTC) rose rapidly to $10,000 on May 14, a new and spectacular bullish wave that completely cancelled out the weekend’s losses.
Cryptocurrency market daily overview
Daily summary of the crypto-currency market. Source: Coin360
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Another drop in the price of BTC that disappears
Data from Cointelegraph Markets and CoinMarketCap showed that BTC/USD rose to five figures this Thursday, up 13% in the last 24 hours.
Resistance levels on the way to $9,000 fell quickly as BTC gained momentum to return to last week’s position.
After hitting just below $10,000, a retracement took the markets to $9,700 levels in a matter of minutes.
As previously reported by two opposite groups, published a report, indian supreme court, bitcoin futures trading, yet another feud, digital asset framework announcement, fidelity investments, linkedin co-founder reid hoffman, sent out dozens, formally entered bankruptcy, the easy trading connect project, the movements are independent of other macro cryptosystems, indicating that Bitcoin is increasingly „decoupling“ from external market influences.
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For Cointelegraph Markets analyst Michaël van de Poppe, Thursday’s figure was the result of Bitcoin filling a record gap in CME’s Bitcoin futures markets.
CME Bitcoin futures 1-week chart showing gap
Weekly chart of GCE’s BTC futures showing the gap. Source: TradingView
A common event for BTC/USD: the price maneuvering to close the gaps between the weekly trading sessions was probably to blame for today’s volatility.
„Based on the CME chart the gap was filled in 4 hours. This caused a significant drop of $400, but also a good trading range. Lows; $8,250-8,400 / $8,600 highs; $9,800-10,100,“ he summarized on Twitter.