BTCUSD set for corrective rebound

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is attempting to switch to a recovery mode on Monday after a major sell-off during the last week. The bullish momentum looks too timid so far to call a reversal from the area of two-month lows below $6,500, reached on Sunday.
Having dipped to as low as $6,387.50 yesterday, BTCUSD is trying to regain the $7,000 mark as a break above will ease the immediate downside pressure. By the way, the cryptocurrency market was hit hard generally last week amid the never-ending fears over global regulation as well as crypto ads blocks by major social networks including Twitter .
However, the current bearish trend starts to signal some signs of exhaustion and may come to an end in the nearest future. Technically, the digital currency is ready for a corrective rebound. Bitcoin managed to hold above the $6,000 threshold and looks attractive for buying at the same time. Following a break above $7,000, the price will target the next local resistance $7,600. The current levels may be especially interesting for long-term investors.


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