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  • Bitcoin price is trading in negative territory, down 0.70% in the second half of the session. 
  • BTC/USD continues to consolidate underneath the barrier of $7500.
  • Given the narrowing nature of price action, an explosive breakout will be eyed. 

BTC/USD daily chart

A breakdown of the noted barrier at $7500, should invite a fresh wave of buying pressure into the $8000 territory. 

BTC/USD 60-minute chart

Price action is forming a pennant structure, another opportunity for the bulls to capitalize. 

Spot rate:                 7316.05

Relative change:     -0.70%

High:                        7375.97

Low:                         7111.05