Bitcoin (BTC) hit $9,400 on May 28 in its latest attempt to upend a downward trend which had seen $8,640 lows just days before.
Cryptocurrency market daily overview. Source: Coin360
BTC price: 3-day gains near 8%
Data from CoinMarketCap showed BTC/USD retaking new ground in Thursday trading, with daily gains at 3%.
At press time, $9,400 had just been clinched, rising to $9,460 before a slight reversal. Those levels come a day after Bitcoin reclaimed the $9,000 and $9,200 zones respectively.
Bitcoin 1-day chart. Source: CoinMarketCap
$9,500 next key target
As reported, this has come in tandem with a stronger outlook for traditional markets, and places BTC/USD ever closer to five figures.
Resistance has so far kept $10,000 from reentering, while last week was characterized by losses as miners upped sales of BTC despite themselves earning much less after the halving earlier this month.
Later, it emerged that institutional fund giant Grayscale is now buying one-and-a-half times the amount of Bitcoin now being mined.
This week, meanwhile, factors such as Goldman Sachs claiming that cryptocurrency is “not an asset” failed to dent market sentiment in any noticeable way.
$9,500 — a level which has provided a focus for price fluctuations in recent weeks — is now the next hurdle to clear.