- 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.