After all, Bitcoin is on the verge of a new revival that may bolster prices and hopefully propel them above week ending Aug 12 highs-the all important level $7,200. Technically it’s a tall order gauging by the way Bitcoin buyers are struggling to build momentum that would thrust and sustain them above $7,000—a conservative buy trigger line. On the fundamental lane, sentiment is finally shifting. Sooner-and it’s already in motion, more shorts would exit as buyers enter the market padding the foundation for the next wave of longs.
To say the Bitcoin and altcoin markets have been turbulent is an understatement considering accompanying metrics. Even as bears slow down, the market has been a bleeding ground for crypto investors. But like every other asset, Bitcoin and most digital assets are near historical reversal zones after shedding more than 80 percent from their recent peaks.