Bitcoin returns to $9,400 in pre-halving pump as altcoins retreat

Bitcoin returns to $9,400 in pre-halving pump as altcoins retreat

Crypto asset markets are back in the green again today, led by Bitcoin which has returned to resistance as the halving clock counts down.

Bitcoin is in the driving seat once again with a move back to resistance at $9,400. It failed to break this barrier on April 30 but it’s finally back up there testing it again today.

Over the past 24 hours, cryptocurrency market capitalization has hit a May high of US$258 billion [AU$402 billion] according to CoinMarketCap.

The move has added around $8 billion on the day as markets inch slowly higher. They are now at crucial resistance levels which must be overcome for further gains.

Analysts have commented that Bitcoin remains “bullish neutral” in this current range. A breakout is needed for further momentum.

Elsewhere on crypto markets, things are generally mixed with very little going on in the altcoin department.

Ethereum has pulled back a little more and not followed its big brother. ETH is currently hovering around $207 and has been down-trending for the past week.

Meanwhile, Litecoin and EOS have dropped a couple of percent each falling to $46 and $2.70 respectively and Chainlink is also falling back today.

Image courtesy of tombark/Pixabay

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