Bitcoin finally breaks through $7,000 barrier

August 29, 2018

 

Early Tuesday morning August 28, bitcoin finally broke through the $7,000 level as it appears to be recovering even more lost ground. It had been stuck below $6,800 for almost three weeks now. Bitcoin (BTC) broke through the $7,000 level just after 10:00 UTC this morning finally breaking through the 20-day mostly sideways pattern. There were signs this could happen as bearish bitcoin bets hit a record low a sign that the mood was changing to a more bullish viewpoint.The bad news last week that the Security Exchange Commission (SEC) had rejected 9 applications for bitcoin exchange traded funds (ETF) had a minor and temporary effect taking the price down sharply but briefly. The bears were not able to continue a downward trend.

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