RATE Group | Bitcoin Near Key Fib Extension Resistance, Can Bulls Spark A New Rally?
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Bitcoin Near Key Fib Extension Resistance, Can Bulls Spark A New Rally?

24 Mar Bitcoin Near Key Fib Extension Resistance, Can Bulls Spark A New Rally?

Posted at 06:52h in Bitcoin News by

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Bitcoin is up more than 10% and it broke the key $6,400 resistance against the US Dollar. BTC price is now trading near the $6,650 resistance, above which it could surge to $7,000.

  • Bitcoin is gaining traction and it recently climbed back above $6,200 against the US Dollar.
  • The price is now trading above the $6,400 level, but struggling to clear the $6,650 resistance.
  • Yesterday’s major contracting triangle was breached with resistance near $6,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue higher if it clears the $6,600 and $6,650 resistance levels.

Bitcoin Up 10%

After forming a support base near the $5,800 level, bitcoin started a fresh increase against the US Dollar. BTC price remained well bid and it recently climbed above the $6,000 resistance area.

The upward move was convincing as yesterday’s major contracting triangle was breached with resistance near $6,000 on the hourly chart of the BTC/USD pair. The pair even climbed above…

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