Bitcoin Breakout Elusive As Price Retreats from One-Week Highs

Bitcoin missed a bull breakout by a whisker, as prices backed off from a six-day high of $6,826 hit earlier today. BTC’s persistent defense of $6,000 over the last three months has convinced many, including billionaire investor Novogratz, that the leading cryptocurrency has bottomed out around the February low. While that argument sounds logical, a bullish breakout would be confirmed only after the cryptocurrency has found acceptance above the top edge of the three-month-long narrowing price range. However, crossing that key price hurdle is proving a tough task for the…