RATE Group | Bitcoin Price Watch: BTC/USD Targets New Weekly High
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Bitcoin Price Watch: BTC/USD Targets New Weekly High

28 Sep Bitcoin Price Watch: BTC/USD Targets New Weekly High

Posted at 09:45h in Bitcoin News by

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Key Points

  • Bitcoin price surged higher and broke the $6,540-50 resistance area against the US Dollar.
  • Yesterday’s highlighted important bearish trend line was breached with resistance at $6,495 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now placed well above the $6,580 pivot level and it could accelerate towards $6,840.

Bitcoin price is gaining traction above $6,640 against the US Dollar. BTC/USD is likely to move further higher towards $6,840 and $6,880 if buyers remain in action.

Bitcoin Price Analysis

After a brief struggle to break $6,540, buyers finally gained momentum to push bitcoin price higher against the US Dollar. The BTC/USD pair traded higher and broke the $6,550 and $6,580 resistance levels. There was even a close above the $6,620 level and the 100 hourly simple moving average. Furthermore, the price traded above the 61.8% Fib retracement level of the last slide from the $6,839 high to $6,318 low.

More importantly, yesterday’s…

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