Reading Tea Leaves With Bitcoin Futures

Related: ‘Wolf of Wall Street’ Serves Warning to Bitcoin Investors

The leading digital currency reached a high of $20,000 late last year, but has since fallen over 60%. Technical analysts are closely watching whether the digital currency can break through its current price levels–specifically, a move past a resistance level of $6,800 could signal another bullish trend.

“The bearish net positions in the bitcoin futures markets hit a record low last week, validating the argument put forward by the technical charts that the cryptocurrency has likely bottomed out around $6,000,” reports CoinDesk. “A break above $6,800 (psychological resistance) would bolster the already bullish technical setup and would open the doors to $7,000.”

For more information on the cryptocurrency market, visit our Bitcoin category.