Bitcoin Price Back over $8,500: Cryptocurrency Market Rebounds After Poor Week

As previoysly noted that the $8,200 resistance level is an important threshold to observe given that a drop below the $8,200 mark could lead the bitcoin price back to the $7,900 region.

Over the past 24 hours, the cryptocurrency market has rebounded as the bitcoin price reached over $8,500 and tokens such as Tron (TRX), AirSwap (AST) and Ontology (ONT) recorded gains in the 10 to 20 percent range.

Strong Bounce
Bitcoin has been on a continuous downward trend ever since it failed to test the $10,000 support level in early May. Over the past 7 days, the bitcoin price has remained in the range of $7,900 to $8,785, struggling to gain momentum above $8,800, which is considered as a major support level that could allow the price of bitcoin to test the $10,000 support level again in the short-term.

The latest attempt of bitcoin to breach the $8,800 support level was on May 15, nearly a week ago. After surpassing $8,850, due to the pressure of bears, bitcoin dropped rapidly to $7,925 and bouncing back in the $7,900 region. If the bitcoin price can rebound to $8,800 in the upcoming days, possibly within the next 48 hours, it is likely that the bitcoin price tests the $9,600 support level soon after, eyeing an entrance into the $10,000 region by the end of May.

Over the past week, bitcoin has been able to gradually build momentum from $7,900 to $8,500, which it has not done in previous corrective rallies. The stability in the price movement of bitcoin could provide more resilience in testing major support levels in the short-term.