Bitcoin Rejected at $7,500, Could Now See Bigger Pullback

Over the past few hours, Bitcoin (BTC) has shown strength rather uncharacteristic to its performance over the past few weeks, surging to $7,520 just an hour or two ago. But since then, the price of the leading cryptocurrency has retreated, returning to $7,350 after bulls failed to break through $7,500.

Analysts are currently divided over what this price action means for the crypto market: some say that it is indicative of a bullish breakout to the high-$7,000s or maybe even $8,000s in the coming days, others believe that the latest rejection is a precursor to a further drawdown.

Bitcoin Price Poised to Break Higher?

Satoshi Flipper noted in the wake of this move that crossing $7,500 perfected an inverse head and shoulders neckline breakout, implying that the price has upside into $7,800 and potentially beyond. Some analysts say that the inverse head and shoulders bottomed depicted by analysts like the aforementioned could mark a macro bottom for the recent bear market (if you can call it that). Read More...