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Bitcoin Set For Another Bullish Attempt

Summary

Bitcoin managed to stay afloat yesterday and as a result, closed just below the $7,600 resistance level which continues to cap bullish attempts.

In the short-term charts, BTCUSD is stuck between the $7,400 and $7,600 figures, with recent bias signals about the increasing upside risks, though the coin is yet to confirm the.

In the longer term, the prospects remain uncertain.

  Bitcoin managed to stay afloat yesterday and as a result, closed just below the $7,600 resistance level which continues to cap bullish attempts. The cryptocurrency looks set for further rise but still lacks momentum in the directionless market on Friday.

  In the short-term charts, BTCUSD is stuck between the $7,400 and $7,600 figures, with recent bias signals about the increasing upside risks, though the coin is yet to confirm the reversal. A break and daily close above the $7,600 area will open the way to the key $8,000 threshold. In this scenario, the short-term technicals for the BTCUSD pair will improve substantially.

  In the longer term, the prospects remain uncertain. Bitcoin lost almost 20% in May and remains within the downtrend since mid-December. Interestingly, the 5-SMA is now below the 10-SMA in the monthly chart, which points at some bearish risks which will likely be felt at some point in the future.