Bitcoin (BTC) Price Near Inflection Point: Fresh Increase Likely

Bitcoin price declined heavily yesterday and traded close to the $6,650 support against the US Dollar. The price traded as low as $6,645 and it is currently recovering towards the $7,400 level. There is a key bearish trend line forming with resistance at $7,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair needs to clear the $7,400 and $7,512 resistance levels to start a strong upward move.

Bitcoin price seems to be forming a new support base above $7,000...

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