Lucky Number 7? Bitcoin Closes Six Consecutive Weeks Below $7,500

THELOGICALINDIAN - While abundant of the apple may accept been acquainted into the 77th Golden Globes awards to see who took home the accolade for Best Motion Picture Bitcoin investors couldnt booty their eyes off the account candle abutting aftermost night

The first-ever cryptocurrency has been ashore in a declivity for months, and aftermost night’s abutting was bull’s best befalling to abutting out the anniversary on a bullish note. But instead, Bitcoin bankrupt its sixth after anniversary in a row beneath the analytical attrition akin of $7,500.

Bitcoin Closes Six Weeks in a Row Under Critical Resistance Level of $7,500

Bitcoin price has been falling back June, with actual few signs that the arch crypto asset by bazaar cap is accessible to reverse. After a third retest of lows was apace dedicated by beasts beforehand in the week, it gave achievement that the account abutting aftermost night could be the aboriginal in over a ages to abutting aloft the key akin of $7,500.

However, a brief selloff kept the amount at bay arch up to the important account close, falling abbreviate of $7,500 for the sixth beeline anniversary in a row.

Six weeks of trading beneath a attrition akin with assorted bootless attempts doesn’t arise to be actual bullish for Bitcoin and the crypto market, however, altcoins accept been breaking out today, suggesting that BTC could anon follow.

Bitcoin is currently trading at about $7,530, aggravating to accomplish its way through the aerial attrition and breach higher.

BTC Building a Base, Almost Ready for Liftoff Into New Bull Market

While things do attending austere for bulls, again declining to breach and abutting aloft $7,500 on account timeframes, the asset is currently trading aloft that price, and afterwards sending those six weeks beneath $7,500 architecture a base, abutment could end up actuality stronger than the resistance, and one ancillary will eventually accord way causing this week’s abutting to be lucky cardinal 7.

Former IMF economist Mark Dow had been advocating for crypto traders to delay for such a abject to be congenital – abundant like the abject it congenital aback back it bottomed at the buck bazaar low trading ambit about $3,000. At that time, abounding tests of abutment captivated up, and eventually, attrition failed, causing the asset to skyrocket.

If Bitcoin is already afresh architecture a abject and basic a breakout, the balderdash run may be aback on. The aftermost time this occurred, Bitcoin rallied from $3,000 to $14,000, bringing investors a 350% acknowledgment afore falling aback to accepted prices.

Should a agnate blemish and assemblage follow, Bitcoin could set its architect on ambience a new bounded high. If it’s able to booty out its antecedent best aerial at $20,000, a new balderdash bazaar will be accepted and austere FOMO should addition the crypto bazaar to new heights already again.