RATE Group | BTC/USD between Breakout and Bull Trap
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BTC/USD between Breakout and Bull Trap

08 Oct BTC/USD between Breakout and Bull Trap

Posted at 20:51h in Bitcoin News by

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The Bitcoin-to-Dollar exchange rate on Monday surged 2 percent against the US Dollar from 6590-fiat to 6729-fiat on bottom formation sentiment and increased institutional investments.

The Bitcoin had a steady week, rising and dropping within a specific range with its trend facing upward. Many believe the digital currency has found its bottom and a massive investment from David Swensen, a prominent investor, made recently into two crypto funds have authenticated the speculation. It could be a reason Bitcoin is rejecting bears. The price yesterday almost formed a Doji on its uptrend, confirming an indecisive selling sentiment in the Bitcoin market.

BTC/USD Technical Indicators

From a technical standpoint, the daily chart could be interpreted marginally bullish, but assuredly so.

The daily chart shows Bitcoin has been rising steeply since June 28 lows but with extreme bearish pressure at the descending trendline above. It is still too early to fancy a long-term uptrend,…

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