BTC/USD breaks out of its daily range, rises above $6600

Eren Sengezer FXStreet

The BTC/USD pair gained traction in the last hour and added more than $200 to touch its highest level since June 22 at $6681, according to Bitfinex's prices. As of writing, the pair was trading at $6600.

Although there were no clear fundamental catalysts that may have fueled this recent rally, a technical breakout could be behind the rising demand.

On the hourly chart, the pair has been moving in a relatively tight range between the $6300 and $6400 handles since the start of the day and a flag pattern pointing out to a bullish breakout started the form as seen in the below chart. With this latest upsurge, Bitcoin's market cap rose to its highest level in more than two weeks at $114 billion.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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