Bitcoin (BTC) gained 3% on May 1 as a new month saw shorts struggle to keep price pinned.BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Bitcoin pressures shorts after 3% daily gains
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $96,955 on Bitstamp, its highest since Feb. 22.
Increasingly close to six figures, Bitcoin rose with US stocks at the Wall Street open as Microsoft gained 10% to become the world’s highest-valued public company.
Reacting, popular trader Daan Crypto Trades suggested that stocks may be on the cusp of a return to sustained bullish trajectory.
“Stocks trade at a key area here,” he wrote in ongoing X analysis.
“I think the general rule is that if stocks do trade back above the .618 Fibonacci retracement after a big drop, the bottom is considered to be in.”S&P 500