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

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