Investing.com – Bitcoin steadied on Wednesday after falling below $9,000 as traders awaited further catalysts to determine direction.
Bitcoin rose 1.16% to $9,094.9 on the Bitfinex exchange after hitting an intraday high of $9,204.3.
The less than $250 trading range in bitcoin on Wednesday, pointed to uncertainty as to the popular crypto’s next meaningful move despite the much improvement backdrop in recent weeks as regulatory fears continued to ease.
Some technically-minded crypto observes outlined two important bitcoin price levels that warranted attention: The 50-day moving average of about $8,600 as key support – trading levels that trigger buying – and the 150-day at $9,700 as resistance – traders levels that trigger selling.
A significant break above or below these levels could trigger an extended move in bitcoin.
The recent uptick in crypto demand, however, suggested traders remained optimistic that bitcoin and other large-cap cryptos would build on impressive April’s gains.
The total market cap of cryptocurrencies fell to about $427 billion, at the time of writing, from about $416 billion on Tuesday, supporting a move higher other large-cap cryptos.
Ripple XRP rose 2.62% to $0.84793 on the Poloniex exchange, while Ethereum rose 1.85% to $674.26.
Bitcoin Cash rose 11.50% to $1,445.00, while Litecoin rose 2.34% to $149.00.