{"id":409155,"date":"2019-12-30T00:30:53","date_gmt":"2019-12-30T00:30:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=409155"},"modified":"2024-06-11T13:35:57","modified_gmt":"2024-06-11T13:35:57","slug":"why-analysts-bitcoin-price-break-higher-7500","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/why-analysts-bitcoin-price-break-higher-7500\/","title":{"rendered":"Bitcoin Was Just Rejected at $7,500, and It Means Price Could See Bigger Pullback"},"content":{"rendered":"

Over the past few hours, Bitcoin<\/a> (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.<\/p>\n

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.<\/p>\n

Bitcoin Price Poised to Break Higher?<\/h2>\n
Satoshi Flipper noted<\/a> 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).<\/p>\n
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iH&S neckline break out \ud83d\udd25 $BTC<\/a> pic.twitter.com\/9yg8QZfdVa<\/a><\/p>\n
— Satoshi Flipper (@SatoshiFlipper) December 29, 2019<\/a><\/p><\/blockquote>\n