Bitcoin storms back above $7000 as it erases this week's loss

Technical Analysis

Author: Adam Button | bitcoin

Strong reversal erases three days of losses

Bitcoin made a fourth lurch lower in as many days in early New York trading today only to spike back higher, proving once again that it's a brutal trading arena.

After touching $6420, Bitcoin is up nearly 12% from the intraday low to $7150. The rally also erases all of this week's loss. Here is a look at the futures chart:
Strong reversal erases three days of losses

For further volatility, note that futures expiration is on December 27.

The good news today is that the US is considering relaxing accredited investor regulations. That could potentially ease restrictions on retail investors getting involved in crypto projects.  The rules are still being examined and there is nothing definitive looming.

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