Bitcoin needs bullish confirmation

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Buying interest in bitcoin has surged over the past week, with the price has eroded important resistance levels on the way to the $7,600 area which looks tough to be broken so far. This level has been capping bulls for a fourth day in a row, and the longer the coin remains below it, the higher the risk of a retreat.

Sentiment in the cryptocurrency markets has improved recently, with the main reason behind the rally is the rising interest from institutional investors. Some progress in regulation also supports optimism and attracts more traders who are afraid to miss the rally. Against this backdrop, bitcoin could continue its ascent in the near future, but a lot depends on the technical factors as well.

In particular, the coin has faced a stiff resistance level of $7,600 which is hard to be broken without some fresh catalysts and positive headlines. Therefore, there is a risk of a corrective retreat from more than one-month highs. On the other hand, the price could try to stay afloat during the weekend, but at some point, a partial profit-taking is inevitable unless BTCUSD confirms the bullish breakthrough.


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