Bitcoin in Wait-and-See Mode as Downward Trend Persists
With Bitcoin’s wild price swings subsiding over the past week, investors are now looking ahead to its next potential breakout.
Bitcoin’s price has stabilized above its support level of the initial gap created on May 10, potentially marking a bottom for the largest cryptocurrency around $6,500. However, the coin continues to move in the bearish pattern it formed in late June when it reached this year’s high of $13,851. Bitcoin would need to break out of this downtrend in order to regain positive momentum.