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Bitcoin has been on the rise over the past fortnight, with the price pushing through trendline resistance to reach the 61.8% retracement. That rally through the trendline certainly signals a slowdown in the decline of the cryptocurrency, yet the question over whether this marks the bottom remains to be answered. The downtrend that has been in place throughout 2018 remains, despite this trendline break, yet it is clear that the rally through $7776 paved the way for a short-term period of upside.
The daily chart highlights that we have seen a substantial amount of support at $6000 throughout this year-to-date. Thus it was no major surprise that the price of bitcoin managed to reverse higher from that level, driving a 41% gain from the June lows.