RATE Group | Bitcoin Breakout Elusive As Price Retreats from One-Week Highs
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Bitcoin Breakout Elusive As Price Retreats from One-Week Highs

29 Sep Bitcoin Breakout Elusive As Price Retreats from One-Week Highs

Posted at 02:01h in Bitcoin News by

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Bitcoin missed a bull breakout by a whisker, as prices backed off from a six-day high of $6,826 hit earlier today.

BTC’s persistent defense of $6,000 over the last three months has convinced many, including billionaire investor Novogratz, that the leading cryptocurrency has bottomed out around that level (February low).

However, a bullish breakout would be confirmed only after the cryptocurrency has found acceptance above the top edge of the three-month-long narrowing price range.

Crossing that key price hurdle is proving a tough task for the bulls, though. For instance, BTC was solidly bid in early European hours, but the bullish momentum ran out of steam as prices neared the upper end of the narrowing price range, currently located at $6,870. As a result, a definitive breakout remains elusive.

At press time, BTC is changing hands at $6,645 on Bitfinex, representing a 2.5 percent gain on a 24-hour basis.

Weekly chart

On the weekly chart, the area around $6,000 (February low)…

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