RATE Group | Bitcoin Price Breaks $7000 Resistance To Hit Surprise Multi-Week High
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Bitcoin Price Breaks $7000 Resistance To Hit Surprise Multi-Week High

29 Aug Bitcoin Price Breaks $7000 Resistance To Hit Surprise Multi-Week High

Posted at 02:38h in Bitcoin News by

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Bitcoin price briefly broke above $7000 August 28, hitting a new high of $7051 on major exchanges – its highest since August 7.

ETF Fever Decouples From Bitcoin Price

Data from Bitcointicker and other sources confirm the multi-week highs for Bitcoin 00, which curiously come on the back of multiple rejections of exchange-traded fund applications by US regulators last week.

At press time, a correction saw BTC/USD fall below the $7000 barrier again just minutes after peaking to currently trade around $6995, followed by a fresh uptick towards $7005.

As Bitcoinist reported in our most recent price analysis August 26, markets suggested $7000 would be a difficult hurdle to overcome.

Despite the US Securities and Exchange Commission denying entry to the market for a slew of Bitcoin ETFs, however, unlike in previous instances, prices failed to react beyond an insignificant – and temporary – downturn by several hundred dollars.

Now, attention is focusing on the fact that such…

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