Stepping back from the recent volatility, Bitcoin remains in macro limbo. The leading cryptocurrency has not deviated from a 7% range over the past two to three weeks and a 15% range over the past two months.
Bitcoin breaking below $8,600, though, will purportedly change that.
An analyst identified that level on July 10th as one the crypto asset will need to hold for bulls to remain in control.
Bitcoin Must Hold the $8,500 Range, Analysts Say
A cryptocurrency trader says that it is crucial for Bitcoin to hold the $8,600-900 range in the months ahead or else risk a “nasty” breakdown.
“It’s very important that this $9000 level continues to hold over the next few weeks and month if we want to end up breaking above and heading back to ATH levels. I think if we broke down from here and broke below $8600 then I think we could quickly turn bearish and start to see some nasty price action,” the analyst said in reference to the chart below.
$8,600 is of importance because it is…
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