Today Bitcoin once again produced an all-time high, hitting the $7445 price mark. During the last 5 days alone bitcoin grew 30%, while it moved from $5700. This is indeed a huge growth during a very short period of time.
BTC/USD doesn’t stop to surprise with a non-stop increase in value, while people around the world starting to understand the benefits and potential of the blockchain technology in general and Bitcoin in particular.
Although the demand is there and it is not going anywhere, market rules will be respected and Bitcoin will correct down at some point. Currently, it has approached another resistance area, that is around $7500 that corresponds to Fibonacci resistance level as well as upper trendline of the ascending channel.
Bitcoin could either break above that resistance or correct down. In order to correct, first it needs to reject $7500 area and then break below the uptrend trendline, only then perhaps the wave down will follow. Prior to that Trend remains bullish and $7500 area should be watched closely.