Bitcoin (BTC) tested support at $7,500 on April 24 after a surprise surge saw the cryptocurrency beat out resistance and reliance on stocks.<\/p>\n<\/p>\n
Cryptocurrency market daily overview. Source: Coin360<\/p>\n
Data from Coin360 and Cointelegraph Markets showed BTC\/USD attempting to form new support at $7,500 on Thursday.<\/p>\n
Since hitting a high of $7,760 the day before, only three brief dips to the $7,400 zone have appeared, indicating renewed market strength.<\/p>\n
The high was Bitcoins best performance since mid-March, when markets infamously crashed up to 60%, in line with mayhem in traditional assets.<\/p>\n<\/p>\n
Bitcoin 1-day price chart. Source: Coin360<\/p>\n
Since then, Bitcoin has slowly attempted to exit correlation with stocks and bonds, with Wednesdays boost sharply contrasting with misery on oil markets and foreboding among traders.<\/p>\n
The S&P 500, for example, saw a sharp contraction in mid-day trading due to news that a pharmaceutical company allegedly harboring an effective coronavirus cure did not, in fact, have one.<\/p>\n<\/p>\n
Bitcoin versus the S&P 500 3-month chart. Source: Skew<\/p>\n
Against a backdrop of continued uncertainty, Bitcoin, therefore, looked all the more impressive year-to-date, the cryptocurrency was up $300 or 4.2% at press time. Versus its March lows, BTC\/USD was up over 100%.<\/p>\n
If we make some nicer slow retracements in the coming few days, Im assuming we might even be going towards $8,400 or $9,000, as there is a CME gap over there which is a narrative for traders, Cointelegraph Markets analyst Michal van de Poppe forecast in his latest trading video on Wednesday.<\/p>\n
But if we close the daily below $7,400, then Im assuming this to be one big trap, and Im probably even considering any shorts again.<\/p>\n
In the event, Bitcoin did not see a daily close at lower levels.<\/p>\n
Meanwhile, another theory surfacing among traders on social media focused on Bitcoins resemblance to the Nasdaq during and after the Dotcom Bubble.<\/p>\n
So far this is textbook V-bottom, a popular Twitter-based analyst summarized about Bitcoins March bottom uploading comparative charts.<\/p>\n
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