Bitcoin Closing the May Candle Above $9,360 is Crucial For Bulls: Here’s Why

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In just a few minutes’ time, Bitcoin will close May’s price candle. Analysts say that this close will be crucial for indicating in which direction the cryptocurrency market heads next.A region of importance that many analysts are eyeing is the low-$9,000s. As one analyst explained:“We’ve not had a Monthly close above 9360 in nearly 12 months. Rejections from this level have led to tests of $6k and eventually $3k.”Indeed, when Bitcoin failed to surmount this level in February, prices dove to $3,700 during March’s capitulation. And when BTC was rejected from this level in 2018, there was a brutal bear market to $3,150 in the ten months that followed.$9,360 is also around where the downtrend formed after the $20,000 high currently sits, adding to its technical importance.Right now, things are coming down to the wire in terms of Bitcoin closing above this level. The asset trades at $9,400 as of the time of this article’s writing and the close is just a short while away, TradingView has shown.BTC price chart from a crypto trader “Cold Blooded Shiller” (@ColdBloodShill on Twitter).Bitcoin Being Dragged Down by Stock MarketBitcoin’s retracement to $9,400 ahead of the monthly candle close comes after it surged as high as $9,700 on Saturday, wrested higher by Ethereum.The underperformance of the flagship cryptocurrency seems to be related to a reversal in the S&P 500 futures, which reversed after passing 3,000 points last week. They are currently down 1% during the Sunday evening trading session, which is falling in response to a number of events.Featured Image from Shutterstock

Via: https://www.newsbtc.com

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