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Price of Bitcoin Slowly Making Way Back to $7,000

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The price of bitcoin (BTC) is slowly marching closer to $7,000, showing sustainability in its resistance level and gradually rebounding from its steep decline.

At the moment, the price of the popular coin is at $6,934, for a gain of 1.37% in the last 24 hours, according to figures from CoinMarketCap.

At this point, a move to the $7,000 region for BTC might be happening any time this week, given that the dominant cryptocurrency has eluded dropping further from the $6,700 mark to $6,500.

A plunge down to the $6,000 was being expected by traders and analysts alike if the price reached $6,700. However, BTC was able to prevent a drop to $6,500 and bounce back from that level.

For BTC investors, a key point to keep a close eye out for is $7,200, as getting past that support level could result to a potential price rush to $7,500, a level that is still considered as an entry point for bitcoin to the $8,000 region. Bitcoin has kept away from a big drop in value by rebounding from its recent price fall.

For several weeks already, analysis has pointed to a bear cycle for bitcoin, at least in the short-term. For the most part, that has held true, given that the price of bitcoin has dipped from $7,300 to $6,850 within a 7-day period.

Startups, cryptocurrency exchanges, and institutional investors have started to take advantage of this bear cycle, to further raise the adoption of cryptocurrencies.

Earlier in the week, Roger Ver disclosed a demonstration of South Korea’s largest cryptocurrency exchange Bithumb’s digital currency kiosks installed all across South Korea at restaurants, cafes, and stores.

The kiosks of Bithumb accept 11 different cryptocurrencies listed on the platform. This includes bitcoin, Bitcoin Cash, Ethereum, Litecoin, EOS, Ripple, and so much more.

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