Bitcoin Price Preparing for a Breakout [But Must Hold Above $6,800]: Wall Street Trader

Josiah Wilmoth in Bitcoin AnalysisBitcoin Price NewsNews

Bitcoin Price Preparing for a Breakout [But Must Hold Above $6,800]: Wall Street Trader

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One of Wall Street's greatest crypto bulls said that the bitcoin cost could be prepared for a breakout, as long as it keeps on holding close to its present level at $7,500.

Bart Smith, head of computerized resource at Pennsylvania-based exchanging firm Susquehanna International Group, furnished this investigation amid a meeting with CNBC, clarifying that he is watching to see whether bitcoin continues to hit "higher highs" as it bounce back from the year-to-date low it set toward the beginning of June.

The key help level, he stated, is $6,800

Echoing comments made by Tom Lee, organizer of Wall Street strategist Fundstrat, Smith said that it's a positive flag that the bitcoin cost did not encounter an enormous auction in the prompt consequence of the news that U.S. controllers had denied the Winklevoss siblings' most recent bitcoin ETF application.