RATE Group | Rebound to $7,800 Could Confirm Short-Term Rally For Bitcoin
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Rebound to $7,800 Could Confirm Short-Term Rally For Bitcoin

06 Jun Rebound to $7,800 Could Confirm Short-Term Rally For Bitcoin

Posted at 17:01h in Bitcoin News by

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Bitcoin price

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The bitcoin price has increased from $7,300 to $7,600 over the past 24 hours, sparking optimism regarding the short-term growth of bitcoin. A break to $7,800 could confirm a short-term rally for bitcoin while a drop below the $7,500 mark could lead it back to the $7,300 region, making $6,000 a possibility, yet again.

Low Volume

The price trend of bitcoin and predictions of analysts are conditional as of current due to the low volume of BTC. While BTC has prevented a further drop to the $6,000 region as it rebounded from $7,300 to to $7,600, the volume remains nearly identical to yesterday. Although the valuation of the cryptocurrency market has improved, the state of the market remains the same.

A break to $7,800 would effectively exceed the descending one-month trend line extending from May 5 to June 5, signifying a potential rally for BTC in both the short to mid-term. The corrective…

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