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Investors anxiously awaiting bitcoin’s next move after 4.5% upsurge

  • After dropping to $7,650 at one stage, bitcoin surged to $8,000 in late trade yesterday
  • This 4.5% surge means it is still within normal weekly consolidation channel
  • Unless it can break through $8,200, a downward correction remains likely

During late trade on Monday, bitcoin bounced back in a single rapid move. After reaching $7,650 earlier, the cryptocurrency surged to slightly over $8,000 within an hour.

This 4.5% surge has kept bitcoin within the normal weekly consolidation pattern, and a bigger correction is now widely expected.

The latest upsurge places the cryptocurrency back at precisely the same level is was a week ago today. Unless it can, however, break through the $8,200 level and retest former highs, the probability of another downward correction remains high.