Bitcoin spikes above $6,600 as bulls try to steal the initiative across the crypto market
|- BTC/USD jumps out of $6,200-$6,300 range and touches $6,650.
- The technical picture will improve if the price settles above $6,400.
BTC/USD jumped as high as $6.650 during Asian hours after a period of rangebound trading during the weekend. Currently, the digital coin No. 1 is changing hands at $6,490, gaining over 5% since this time yesterday.
While the reasons for a sudden growth across the cryptocurrency market is not clear, BTC bulls may rejoice as the price has returned to the range that preceded the collapse and broke above the downside trendline, which significantly improves the short-term technical picture.
There is strong upside potential with the first aim at $6,600-6,612 area as long as the price stays above $6,424 (23.6% Fibo retracement level); however, if it is broken, the sell-off may continue to take BTC towards former resistance at $6,300.
BTC/USD, 1-hour chart
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