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- Bitcoin has again broken through the $9,000 mark and could thus prepare for a new test of the $10,000 mark.
- The poor résumé of the financial giant Goldman Sachs about Bitcoin in the last conference call with major customers shows no impact on the price.
Contrary to the expectations of many analysts, Bitcoin has risen above the $9,000 mark and was able to maintain this level at the time of writing. Within the last 24 hours Bitcoin shows a recovery of + 3.16%, which pushed the Bitcoin price up to $9,156.78. The market capitalization has climbed from $163 billion to almost $168 billion.
Bitcoin Trader and Blockroots founder Josh Rager describes that due to the current market situation he is taking short-term profits through the trading technique of scalping. In his opinion, Bitcoin continues to be bearish until a clear trend confirms the reversal. Although Bitcoin was able to rise above the $9,000 mark, BTC has been trending sideways for several hours without radiating any real strength.
https://twitter.com/Josh_Rager/status/1265694922025447427
In addition, Rager further outlines that Goldman Sachs has secretly and quietly bought Bitcoin and thus built up a relevant Bitcoin inventory over the years, even though the bank has repeatedly described Bitcoin as fraud and scam.
Lambs to the slaughter. pic.twitter.com/CJxZsz4ZxW
— Crypto_y_tho .2.0. (@BTC_y_tho) May 27, 2020
It is also significant that Goldman Sachs held a conference call with its clients a few days ago, during which Bitcoin was discussed in detail as an asset and investment. Goldman Sachs does not see great potential in Bitcoin and has therefore advised its customers against investing in BTC.
These developments show that the public opinion that large market players do not always play with open cards and execute other tactics for their own good in the background. Investors should therefore always form their own opinion about all market activities.
Bitcoin must still confirm bullish momentum
The experienced Bitcoin trader “The Wolf Of Al Streets” describes that although Bitcoin has risen in the short term, it is now facing strong resistance along the $9,200 mark. The 4-hour chart he shares shows the resistance line that Bitcoin is currently biting its teeth at.
$BTC 4-Hour
The 50 MA has been significant on the 4-hour chart. Black Xs show rejections, blue Xs show support. Price is currently finding resistance here once again. pic.twitter.com/2vbAP1CAaN
— The Wolf Of All Streets (@scottmelker) May 27, 2020
The trader “Teddy” also states that Bitcoin is not impressed by the negative headlines of Goldman Sachs and is currently showing a short-term upward trend. Nevertheless, he advises his followers in volatile times like now to trade with care and always use stop loss orders to minimize the risk.
https://twitter.com/TeddyCleps/status/1265663866928840704
The anonymous trader “Big Chonis Trading” notes that Bitcoin has found strong resistance along the middle Bollinger Band on the daily chart. The short-term rise in price to $9,160 is not enough to initiate a trend reversal. In his opinion, Bitcoin must rise above $9,300 in order for a new upward trend to be confirmed.
$BTC – really having a hard time getting back above the daily Middle BB resistance. Close above is notable but resistance is the dominant force…#bitcoin pic.twitter.com/Ko1P4JXKzY
— BIG Chonis (@BigChonis) May 27, 2020
The Altcoin market continues to show a strong correlation with Bitcoin. The Ethereum price also rose by 1.95% to a price of $206.39, followed by XRP (+0.70%) to $0.19 and Litecoin (+2.34%) to $43.54. The prices of all Altcoins can be found in our price overview.
Bitcoin could continue to benefit from current monetary policy
Central banks around the world continue to print money to minimize the impact of the corona crisis. Star investor Elon Musk recently described on Twitter that Bitcoin can benefit from this and even push the adaptation further. Paul Tudor Jones, a multi-billionaire who recently invested part of his assets in Bitcoin, also shares this opinion. According to Jones, the distributed “helicopter money” will attract new buyers into the market.
