RATE Group | Bitcoin Price Watch: BTC/USD Accelerating Gains Toward $6,700
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Bitcoin Price Watch: BTC/USD Accelerating Gains Toward $6,700

07 Nov Bitcoin Price Watch: BTC/USD Accelerating Gains Toward $6,700

Posted at 11:21h in Bitcoin News by

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Key Points

  • Bitcoin price traded further higher and broke the $6,515 resistance area against the US Dollar.
  • There was a break above a key contracting triangle with resistance at $6,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to accelerate gains above the $6,550 and $6,600 levels in the near term.

Bitcoin price is placed nicely above the $6,480 support against the US Dollar. BTC/USD is likely to grind higher towards the $6,700 level in the near term.

Bitcoin Price Analysis

Yesterday, there was a minor downside correction in bitcoin price from the $6,480 swing high against the US Dollar. The BTC/USD pair corrected lower and tested the $6,375 support, which acted as a major buy zone. As a result, there was a fresh upward move and the price traded above the $6,440 and $6,475 resistance levels. Moreover, the price even broke the $6,500 resistance and settled above the 100 hourly simple moving average.

More importantly, there was a break above a key…

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