Currency Drops to $7,400 – The Merkle

Bitcoin has fallen by $100 since yesterday, and is now trading for just over $7,400. Many analysts claim that bitcoin’s long-term effects will take it to new highs, though a bull run doesn’t lie in the coin’s immediate future. For now, the coin doesn’t appear capable of jumping beyond the $8,000 mark.

According to one source, bitcoin is having trouble moving beyond $7,500. A recent sell-off that ultimately “ran out of steam” brought the currency down to $7,270 during the early morning hours, though a later rally brought the currency up to its present $7,400 position. This source suggests the $200 rise in question is a sign that the bulls are once again taking control. It also says that bitcoin could potentially reach as high as $7,800 early next week, but would have to strike $7,700 by Sunday to test and obliterate its current resistance.

The article predicts:

“Bitcoin will likely soon rise to $7,870 (descending trendline hurdle) in the next 24 hours. A…