RATE Group | Bitcoin Price Claws Back Above $7,000 with Further Gains Likely
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Bitcoin Price Claws Back Above $7,000 with Further Gains Likely

07 Aug Bitcoin Price Claws Back Above $7,000 with Further Gains Likely

Posted at 16:50h in Bitcoin News by

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It has been a mixed 24 hours in the cryptocurrency segment, as although the overall picture remained bearish, a concerted move lower has been averted. All eyes were on Bitcoin, Ethereum, and Ripple as BTC dipped to a marginal 3-week low, while ETH and XRP tried to hold up above key long-term support levels.

On a positive note, Bitcoin bounce back quickly above the weekend low, and Ethereum also managed to remain north of $400, but Ripple dipped below the support zone near $0.42, triggering a long-term sell signal. Other major movers today are IOTA and Ethereum Classic, with the former falling 10%, below key long-term support like XRP, and ETC surging higher by more than 10%.

The rest of the majors are little changed, with most of them hovering just above important levels. Trading activity increased, even as the top coins are still mostly trading in short-term consolidation patterns, and we still expect a jump in volatility and volumes as the likes of ETH, BTC, and…

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