The price of bitcoin has bounced off a recent low of $7,300 USD in recent days, with prices hovering testing resistance at $9,000 as of this writing. The majority of altcoin markets have bounced alongside BTC, indicating that the cryptocurrency markets still remain correlated to bitcoin.
The price of bitcoin has gained approximately 20% since bouncing off the $7,300 area.
When looking at the daily chart, one can infer that the recent bounce off the $7,300 area comprised a fourth point of contact with the long-term ascending trendline established by the crash down to the $6,000 area that occurred last month.
The price of bitcoin has gained approximately 20% since bouncing off the $7,300 area four days ago. Bulls are currently testing resistance at the $9,000 area.