Currency Holds Ground at $7,600 – The Merkle

At press time, the father of cryptocurrencies is trading for just under $7,700. The cryptocurrency market cap has garnered over $25 billion over the last week alone, and with roughly $300 to go, many investors are wondering whether the $8,000 mark can be reached soon.

One source claims bitcoin is currently facing resistance where it sits, and that the price consolidation it’s undergone over the last few days may be a “good sign” for the long-term bulls granted the price is able to keep moving forward. It also suggests, however, that if present resistance proves too difficult to handle, or if bitcoin is unable to hold its current trendline, it may find itself spiraling all the way back down to an even $7,000.

Another source agrees. It says that a price reversal is at hand, and that recovery is likely imminent if bitcoin can keep its current momentum going. While the present sell-off isn’t over just yet, buyers are likely looking to get back into the game, and…