Bitcoin’s recent drop is not necessarily bearish, according to top trader Scott Melker
He notes that there is a lot of support at the current level of $9,072, but it remains to be seen whether the bulls will manage to hold it. image by @scottmelker
The benchmark cryptocurrency surged to an intraday high of $9,268 at 13:47 UTC on the Bitstamp exchange after U.S. stocks started in green.
Wall Street is having another upbeat day after last month’s job reports exceeded expectations.
Despite its high correlation with equities, Bitcoin ended up dropping below to $8,939 at 16:40.