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Bitcoin shot above $9,000 after taking down several key resistance zones in less than 24 hours. BTC was climbing past the $9200 mark heading into the Midnight hour Eastern Standard Time Thursday morning. By 11 am ET Thursday the price was hovering around $8800.
Bitcoin (BTC) bounced off $8,500 on April 30 after fresh volatility saw the largest cryptocurrency shed 8% in hours.
Short-term movements remained choppy, with jumps of $200 or more occurring over a matter of minutes or less.
Bitcoin is a popular payment method used for online gambling sites in more restrictive markets such as the United States. Some sites report up to 80% of users make deposits and payouts via Bitcoin and other cryptocurrencies.
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"Spoke to a couple of OTC desks and heard that there were record amounts of BTC being sold at above 9K,." a trader told Forbes.
The abrupt upsurge of sell orders in the OTC market coincided with stacking sell orders on the OKEx futures exchange. OKEx is one of the two exchanges alongside Huobi that formed a relationship with the government of China to facilitate trades for Chinese investors.
Bitcoin researcher Nik Yaremchuk shared the orderbook of OKEx on top of the price chart of Bitcoin, and it showed significant selling pressure above $9,000.
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The current rise in bitcoin could face hurdles near the $9,500 resistance level. If it starts a downside correction, there are many supports waiting on the downside starting with $8,500.
The first major support is near the $8,000 level (the recent breakout zone). There is also a major bullish trend line forming with support at $7,400 on the same chart. Overall, dips remain well supported on the downside if the price corrects lower from the current levels or $9,500.
- Gilbert Horowitz, Gambling911.com
