Bitcoin Price Takes a $200 Tumble After Eight-Day Highs

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Having eased from eight-day highs, bitcoin (BTC) price could be in for a minor bout of consolidation, before further upside unfolds.

The cryptocurrency rose to $6,596 earlier today on Bitfinex – the highest level since Sep. 6 – adding credence to the short-term bullish reversal signaled by the symmetrical triangle breakout earlier this week.

However, despite the strengthening bullish case, the corrective rally has stalled. At press time, BTC is changing hands at $6,450, having printed an intraday low of $6,355 a few minutes ago.

While the sudden price pullback could force investors to question the sustainability of the corrective rally, the short-term technical charts continue to show that the path of least resistance is on the higher side.

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