After attempting to rally through $9,500 this week, Bitcoin failed to sustain its bullish momentum yet again. As of this article’s writing, the leading cryptocurrency trades for $9,200, having sustained somewhat of a pullback.
The retracement notably wasn’t caused by Bitcoin: a drop in the S&P 500 on Wednesday forced the crypto market leader.
Technical analysts, regardless, remain somewhat skeptical of BTC’s medium-term outlook.
Bitcoin on Track to Hit $7,000
Despite the strength seen over recent months, Bitcoin remains in a macro consolidation pattern.
A trader shared the chart below on July 9th, showing that BTC is consolidating at a diagonal resistance formed at the $20,000 all-time high. Bitcoin is also trading below the $10,500 horizontal resistance, which has been a level of importance for over a year now.
Bitcoin failing to break past these two pivotal levels will likely lead to an…
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