Indications Point To Possible $7K Bitcoin Spike
Dropping to its yearly low in June and hovering at around $5700, experts are claiming that Bitcoin is making a comeback given its recent climb of 15 percent on the market. A strong resistance at $6.8K has provided an obstacle for the recent climb, proving to be unpassable just yet.
On the 4th of July, market bears took control of the market and managed to call an end to the day with Bitcoin holding on at $6584, back to its previous low. Within a couple of days, bears failed to profit further off the decline due to the slim trading price which followed, entering at under$250. Market bulls then quickly pulled back Bitcoin to $6840.
At this point, an optimistic outlook on Bitcoin indicates to a possible break-in resistance and eventual climb past $7000. Bitcoin has established a bullish stance as of recently, with indicators pointing to a sudden rise in Bitcoin purchases as the currency’s value drops lower. LVM’s also point to a lack of interest among investors which may result in an easier break-through.
As charts by Coindesk explain, a high-low pattern displays the resistance level at $6800. Should the close end above the resistance line, this will result in a possible trend-shift and pre-determined resistance of $7400, a new high for Bitcoin.
Market bulls have moved even closer to their intended goal of breaking through the current resistance by granting an extended period through recent support. The set level continues to decline, bringing bulls closer to their resistance-break.
Should the $7K marker be breached, this will result in a more bullish outlook on Bitcoin and open a goal of setting new prices placed above the current one, potentially landing the cost of Bitcoin higher than $7000.