BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD is making a limited downside correction on Wednesday, with the $6,700 area remains the key immediate obstacle for buyers. The pair has been rejected from this area once again and now tries to stay relatively afloat above $6,400, which is the nearest support.

There are no any fresh catalysts in the market this week, and the dynamics is mostly attributed to some technical factors, along with the reemerging bullish impetus at low levels, as bitcion has been attracting buying interest since June 29, when the price briefly dropped below the $6,000 threshold. Despite there is no any straightforward rally, the short- and mid-term technical outlook has improved over the last days.

Despite some bullish signals, the way north will hardly be that easy as there are still many traders that wish to sell the rallies. Moreover, it is still too early to call a bottom for BTCUSD because a number of concerns and the overall uncertainty, including regulation and security, still persist in the industry. In the short term, the coin needs to stay above the $6,400 support to resume its rebound towards the $6,800 region.



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