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Last week, Bitcoin managed to close over the monthly level at $9,676 after covering a 12.5% range from low to high.
The 3.2% higher close came after rejecting higher timeframe levels, leaving some speculating that this was a stop run before a retrace. In contrast, others insist that a bullish breakout is imminent.
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Last week, Bitcoin confirmed the failed retest of the previous support around $7883 after setting a lower high for the third week in a row at $7748.70.
While the price hasn't broken the current support around $6965, if it does, then the next area of interest rests around the daily orderblock between $5901 and $6190.
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Traders bored with Bitcoin's compressed range can relish the nearly 43% surge in the price during last week. The bullish euphoria may be short-lived, though, as a view of the higher timeframes shows a retest of the lower bound of the summer's range.
Will this old support turn into resistance before a further drop? It...
