Bitcoin (BTC) toll held $9,000 on March half-dozen equally the spread of coronavirus played havoc with traditional markets.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Bitcoin turns $9K from resistance into support

Data from Coin360 and Cointelegraph Markets painted a buoyant picture for BTC/USD on Friday, the pair hit local highs of $9,190.

After reclaiming the $ix,000 mark a day before, that level functioned every bit back up overnight, with Bitcoin fluctuating around $nine,100 as of press time.

Bitcoin 1-day price chart

Bitcoin 1-twenty-four hours price nautical chart. Source: Coin360

Stocks conversely saw another day of commotion to shut out the week. The Dow Jones, fresh off the dorsum of its modest recovery following its historic losses concluding week, savage another one,000 points to 26,100.

While Coronavirus was more than of a story in the new areas of the world information technology had infected, markets everywhere were noticeably feeling the strain once more.

For Cointelegraph Markets analyst filbfilb, overall volatility and Bitcoin'southward mixed reaction to the virus meant it was inappropriate to assume a fully bullish position.

"Scanner is telling us overall to still be very cautious despite a nice breakout," he told members of his Telegram trading aqueduct, referencing his own Bitcoin price assay tool.

"If I had to guess based on cost action I remember we might dump a bit more to maybe a touch below 9k and then pump and dump back into the 8ks."

Filbfilb added that the higher levels closer to $10,000 were "much more interesting" as a trading opportunity.

Van de Poppe: $9.4K "likely" BTC target

For young man annotator Michaël van de Poppe, at that place was more cause for optimism. A break above $9,150 for Bitcoin, he predicted, would spark a further run of several hundred dollars.

"The $8,950-nine,000 level flipped as support and we're stuck in a range now," he wrote in his nigh recent Twitter update.

"Breaking to a higher place $9,150 and we'll see a run towards $9,400 (which seems probable)."

Conversely, if BTC/USD failed to hold $9,000 any longer, van de Poppe was looking at a range betwixt $viii,400 and $8,600.

Every bit Cointelegraph reported, various commentators are expecting the brusk term for Bitcoin to be marked past price strength. Hash rate, a metric that traditionally fuels price performance, hit new highs this week, while May's block reward halving could also show catalytic in advance.

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