Bitcoin prices have been remarkably trading north of $7,000 since the breakthrough of key price level earlier this week.
What does this actually mean?
These past few days, price action has really been encouraging. Its digital currency also rose to as much as $7,574.90 last Wednesday, after it surpassed $7,000 for the first time since June.
[It is not a secret to us that when we invest in cryptocoins, it is highly speculative and its market is largely unregulated. Anyone who risked and considered it should be prepared in losing their entire investment.]
Since last Tuesday, Bitcoin prices have been trading between $7,200 and $7,600.
Bitcoin is in limbo
Indeed, Bitcoin is in limbo at the moment because its digital currency is hanging in the balance between the bulls and the bears.
This consolidation is a very positive sign, however, before confirming the uptrend has continued, we’re going to need to pass a few more key levels.
Jon Pearlstone, publisher of the newsletter Cryptopatterns, also weighed in on this range-bound price activity. Bitcoin’s ability to regain $7000 and consolidating between $7200 and $7600 are obvious bullish sign.
“We don’t see BTC staying in this range for long as the bull flag the current move has formed is a continuation pattern and usually breaks out or down fairly quickly.”
“The key targets to watch for the strength of BTC’s trend are $8000 if we break out and $6450 if we break down,” added Pearlstone.