Bitcoin is mimicking the price action witnessed in early April, which indicates the corrective rally could gather pace in the next few days.
Bitcoin’s corrective rally from the recent low of $5,859 would resume on bull pennant breakout.
The technical charts continue to call a rally to $7K despite bitcoin showing signs of exhaustion around $6,500.
The cryptocurrency market flashed green Wednesday following a major downturn.
Bitcoin fell below $6,000 on Tuesday, a decline that brings the price of the world’s largest cryptocurrency to within 2 percent of its 2018 low.
Falling prices have sent the total market capitalization of all cryptocurrencies below $200 billion.
The price of Ethereum Classic (ETC) is down more than 30 percent after going live on the Coinbase exchange just two days ago.
Wednesday was a tough day for the cryptocurrency market at large, as several data points collected by CoinDesk illustrate.
CoinMarketCap, one of the most popular crypto data tracking websites, announced a new pro-level and fee-based API on Wednesday.
The price of bitcoin fell below $8,000 for the fourth time in seven days as the cryptocurrency’s value sank to its lowest level since July 23rd.