Bitcoin Hits 3-Week High Despite Strong Bearish Signs: Where is it Heading?

Bitcoin on Monday was trading above $7,500 as sellers showed signs of exhaustion near a crucial support area.The cryptocurrency could swell further to test $8,000-8,500 area, according to textbook technical indicators.A gap on the CME’s daily Bitcoin Futures chart hints a revisit to $7,200.Bitcoin opened this week at records as buying interests among traders renewed for the short-term.The benchmark cryptocurrency on Monday established an intraday high of $7,642.66, up 0.33 percent since the market open. The small upside move followed a big one during the Sunday session. On the day, the bitcoin-to-dollar exchange rate had swelled by 5.57 percent after locating its interim support near $7,100.bitcoin, btc price, btc usdBitcoin jumps 5.5% in a latest attempt to reverse downside bias | Source: TradingView.com, CoinbaseThe Fundamental BackgroundThe latest push upside followed bitcoin’s extended downside momentum that started in late-June.The cryptocurrency as of December 18 had plunged by more than 53 percent from its year-to-date high of $13,868.44. Critics argued that bitcoin’s gains that appeared during the first half of 2019 came because of a string of macroeconomic issues. Investors considered the cryptocurrency as a short-term hedge against the U.S.-China trade war, Brexit, and dovish central banking policies.They also entered the bitcoin market after Facebook announced its foray into the digital currency sector with its payment project Libra.

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