Technical charts show that if Bitcoin moved above $7,780, it would spark a new trading boom

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Earlier today, the cryptocurrency was trading at $7,591 on the Bitfinex trading platform, which briefly shut down this morning following a cyber attack.

Bitcoin was on the defensive on Monday and it appeared the cryptocurrency could slump to a recent low of $7,040, courtesy of the price failing to have enough momentum to push through resistance in a move called a 'failed breakout'.

A rising-wedge breakdown, the pattern that shows up in charts when the price moves upward with pivot highs and lows converging toward a single point, also contributed to Monday's activity.

But sellers ran out of steam at $7,372 on Monday and prices gradually moved back above $7,600 in Asian trading markets today.