Over the past 48 hours, Bitcoin prices seem to be going back to the normal $6,800 mark. Following a slight drop from $7,000 to $6,700, the Bitcoin price is once again regaining its resistance level, recovering from its declines.
At this point, it is fair to say Bitcoin could possibly reach the $7,000 mark, provided that the cryptocurrency is able to withstand a further drop from $6,700 to $6,500. At the beginning of the week traders were hoping for Bitcoin prices to decline to the low level of $6,000. However, the dominant cryptocurrency managed to stay away from the drop to $6,500 and make a recovery from that point.
Bitcoin investors are focusing on the $7,200 mark, as going above that level could mean that Bitcoin prices could rise to $7,500, a level that is still seen as a route for Bitcoin to hit the $8,000 level. Bitcoin has managed to avoid a major drop by bouncing back from its recent decline.
In the past weeks technical analysis has hinted towards a bear cycle for the cryptocurrency, albeit a temporal one. This has been true for the most part, given that within a 7-day period, Bitcoin prices went down from $7,300 to $6,850.
To further increase the acceptance of the cryptocurrency, startups, cryptocurrency exchanges and institutional investors have already started to make use of this bear cycle to their advantage.