- Bitcoin is trading above April highs at $5,650 showing potential for more gains to the upside.
- The bears are present but the bulls are slightly in control.
Yes, Bitcoin retraced from the levels close to $6,000 and tested the levels below $5,700 just before the opening of the session on May 8. The declines caused by the news of Binance exchange being hacked and losing more than 7,000 BTC. Such a hack attack on a large exchange could have sent BTC/USD spiraling massively but the bulls bounced back to show that they cannot be defeated by bad news in the industry.
The all-time market leader is trading at $5,861 on Coinbase after trending up 2% on the intraday charts. Bitcoin is down 0.34% from the same time yesterday. Despite the lower correction, Bitcoin is trading above April highs at $5,650, which means that the digital asset is still in a bullish mode and trend. Besides, trading higher lows and higher highs is still a possibility as long as the focus stays not only on $6,000 but beyond.
Interestingly, Bitcoin still has a long-term bullish bias. Meanwhile, the price has corrected above 21EMA and pushing for a move that could soon touch $5,900 and extend to $6,000. On the downside, the sellers have not shown their presence in the market which means that the bullish momentum could be a temporary situation and Bitcoin close the week below Tuesday lows at $5,569.9 especially if the break above $6,000 does not occur soon enough. Similarly, the hack on Binance exchange although not impactful on BTC/USD could soon catch with the price much later.
BTC/USD 2-hour chart
Chart source: Tradingview
The 2-hour chart shows Bitcoin having lost the momentum to correct significantly upwards.