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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

SafeMoon price has additional room to rise after the four-day blistering rally

After a crash witnessed towards the end of last month, SAFEMOON buyers have returned in the first week of May, showcasing a stellar performance. The price is up nearly 13% in the past 24 hours while adding about 6% over the last hour, holding near record highs at $0.0000084. The blistering rally in SafeMoon got triggered following a series of encouraging tweets. 

More SafeMoon News

DOGE’s bullish potential appears limited amid overbought conditions

DOGE/USD eyes $0.80 amid a descending triangle breakout on the 4H chart. Overbought RSI remains a cause for concern for the DOGE bulls. Elon Musk’s Saturday Night Live appearance waited for fresh impetus.

More Dogecoin News

MATIC Price needs acceptance above $0.80 to resume uptrend towards $1

MATIC price is primed for another run towards the $1 mark. Bulls need to crack this key hurdle at $0.80 to take on the upside once again. Polygon wavers in a descending triangle with bullish RSI.

More MATIC News

Ethereum Classic Price Analysis: ETC bides time before the next upswing kicks in

ETC price is stuck in a tight range between two key Fibo levels on the 12H chart. Overbought conditions warrant caution but the coin defends key support so far. Ethereum classic awaits fresh impetus for the next direction.

More Ethereum Classic News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP