Bitcoin higher on the day after test of a lower floor at $7450 stalled the fall
Price of bitcoin remains below $8000
In a post yesterday, I wrote on the decline that:
The move (lower) today brings the digital currency back into a $7450 to $8400 range. From May 13 to May 27, the price traded 12 of 14 days in that range (there were two days when the price traded below the $7450 low).
I further added that:
On the downside, should the price be able to stay below the $8000 level, I would expect buyers near that $7450 low ($7500 sounds like a nice round level to buy against).
The price did stay below the $8000 and moved toward at test of the $7450 level today. The low reached $7427 before rebounding (close enough for bitcoin). The corrective high has reached $7889 and we currently trade at $7725 between the $7450 to $8000 lower range.
Could this be a bottom? Stay above the $7450 level and as time goes by, the buyers should come back in. Move above $8000 and then $8400 area after that, and the buyers will be more empowered to take the digital currency higher.