Breaking: BTC/USD rushes above $6,500, gains over 10% in a matter of hours
|Breaking: BTC/USD rushes above $6,500, gains over 10% in a matter of hours
BTC/USD is on fire ahead of the US opening. A strong move above $6,000 created a strong upside momentum and pushed the price above $6,500 in a matter of minutes. At the time of writing, BTC/USD is changing hands at $6,450 with an intraday high of $6,620.
BTC/USD will need to settle above $6,500 for the upside to gain traction. This area served as an upper boundary for the previous consolidation channel. The ultimate bullish target is $7,000; however, the price may drop towards $6,150 guarded by SMA100 and SMA50 1-hour before another upside leg. Notably, the RSI on intraday charts reached overbought levels and started reversing to the South, which is another signal of the upcoming downside correction.
BTC/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.