Since April, and in particular since mid-June, bitcoin’s has reversed abruptly anytime it has attempted a breakout above $30,000. The most dramatic occasion came on July 13 when the cryptocurrency surged to a one-year high above $31,800 following a favorable court ruling for XRP in the U.S. Securities and Exchange Commission case against Ripple, the firm that sells XRP. Within hours, bitcoin gave up not just the $31,000 level, but also the $30,000 one, and within days slid below $29,000.

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Author: Lyllah Ledesma

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