RATE Group | Bitcoin Price Just Surged to $7,200 in 1 Hour, Strong Short-Term Rally Next?
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Bitcoin Price Just Surged to $7,200 in 1 Hour, Strong Short-Term Rally Next?

01 Sep Bitcoin Price Just Surged to $7,200 in 1 Hour, Strong Short-Term Rally Next?

Posted at 19:12h in Bitcoin News by

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In the past hour, the Bitcoin price has surged from $7,030 to $7,200, bringing the entire market with it to the upside.

Bitcoin Cash, NEO, Litecoin, ICON, EOS, VeChain, Tron, Qtum, Cardano, and most major tokens have recorded 5 to 15 percent gains in the past 30 minutes, showing the establishment of newly found momentum.

Previously, technical analysts in the cryptocurrency community have said that the break out of Bitcoin at the $7,200 resistance level could lead to a major short-term rally.

Why is $7,200 Crucial?

On August 30, the Bitcoin price fell from $7,100 to $6,800, showing vulnerability in the high $6,000 region. The majority of investors and retail traders expected Bitcoin to fall to mid-$6,000, seeing no support levels in between $6,500 and $6,800.

However, within a 12-hour period, BTC rebounded relatively quickly to the $7,000 resistance level, showing decent momentum and volume.

Last week, the volume of the entire cryptocurrency market remained below $9 billion,…

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