Bitcoin has dropped below $7000 a few minutes before press time, triggering fears of a bull trap.
The leading cryptocurrency closed yesterday (as per UTC) above the trendline sloping downwards from the March 5 high and May 5 high, confirming a long-term bearish-to-bullish trend change.
However, the follow-through has been disappointing. As of writing, BTC is changing hands at $6,965 on Bitfinex - down 3.5 percent on a 24-hour basis.
The negative price action reminds us of a failed long-term bullish breakout of July, although the latest bull reversal looks sustainable, according to technical studies.
Daily chart
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