RATE Group | Bitcoin (BTC) Price Watch: Make or Break at $7,000
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Bitcoin (BTC) Price Watch: Make or Break at $7,000

30 Aug Bitcoin (BTC) Price Watch: Make or Break at $7,000

Posted at 04:06h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price is once again attempting to break past the key $7,000 barrier on its climb.
  • If it does, bullish pressure could kick in and complete the formation of a long-term double bottom reversal pattern.
  • The pattern’s neckline would be at the $8,400 mark and a break higher could spur a prolonged rally.

Bitcoin price is back to the key $7,000 mark and a strong upside break could confirm that a big rebound is in order.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA on this time frame to signal that the path of least resistance is still to the downside. In other words, resistance is more likely to hold than to break.

However, the gap between the two indicators has narrowed significantly to indicate that a bullish crossover may be in the works. In that case, more buying pressure could be seen once completed, giving bitcoin price enough energy to sustain a move past $7,000.

This would put in on track towards testing the neckline…

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