Bloomberg

Bitcoin in wait-and-see mode as downward trend persists

Bitcoin rose as much as 1.7% on Monday to trade around $7,521 and is on track for its third day of gains. Peer coins, including Ether and Litecoin also rose. Foto: Benoit Tessier

With bitcoin's wild price swings subsiding over the past week, investors are now looking ahead to its next potential breakout.

Bitcoin's price has stabilized above its support level of the initial gap created on May 10, potentially marking a bottom for the largest cryptocurrency around $6,500. However, the coin continues to move in the bearish pattern it formed in late June when it reached this year's high of $13,851. Bitcoin would need to break out of this downtrend in order to regain positive momentum...

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