Bitcoin Retakes $9K — 3 Technical Reasons There’s Still Room to Run

Bitcoin Retakes $9K — 3 Technical Reasons There’s Still Room to Run

Gate Trade News Wednesday, May 27, 2020 56 0

The price of Bitcoin surges above $9,000 ahead of a Goldman Sachs client call about gold and BTC.

The price of Bitcoin (BTC) surged above $9,000, demonstrating a decent recovery in the last 24 hours. Market data shows a further upsurge to the $9,300 to $9,400 range is likely in the near-term.

Three key reasons increase the probability of a minor rally: liquidation of 25x to 50x shorts are at $9,300, whales using the Goldman Sachs narrative and low funding rates in the futures market.