RATE Group | Bitcoin MUST Break $7,175 To Head Above $8,000 Before Block Halving
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Bitcoin MUST Break $7,175 To Head Above $8,000 Before Block Halving

18 Apr Bitcoin MUST Break $7,175 To Head Above $8,000 Before Block Halving

Posted at 14:48h in Cryptocurrency News by

  • Bitcoin increased by a total of 8% over the past 3-days which had allowed the cryptocurrency to climb above $7,000.
  • The cryptocurrency is now struggling to break above resistance at $7,175.

Bitcoin had witnessed a strong 8% price surge over the past 3-days which allowed the cryptocurrency to climb back above the $7,000 level. However, Bitcoin is now struggling with resistance at $7,174 which is provided by a bearish .618 Fib Retracement level. It must break this resistance and higher resistance at $7,400 if it would like to make a move toward $8,000.

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Bitcoin was previously trading lower over the past 7-days as it dropped into support at $6,612, provided by a short term .382 Fib Retracement level. It rebounded from this support 3 days ago which allowed it to climb back above $7,000.

This rebound is not surprising when we consider the fact that the Bitcoin block halving is just a short 23 days away now.

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