Sharp spike in Bitcoin price; BTC tests resistance at $6,600
Bitcoin [BTC] prices are exhibiting a sharp rise finding support at $6,446. BTC has gained over 2% during the spike and added over $1 billion to its market cap. The overall cryptocurrency market is on an uptrend with most coins in the bearish zone. The spike is in the wake of crypto bull Novogratz, predicting that Bitcoin will not touch the $10,000 mark this year.
Bitcoin prices have broken out from the resistance level found at $6,559. The next resistance level can be traced at $6,670. The prices which were trading around $6,440 yesterday rose to trade above $6,600. The MACD signifies a bullish momentum for prices. The 100 EMA line which signified a downtrend for prices yesterday is currently trading at $6,555.56 and is showing an uptrend for prices. The coin is currently trading at $6,612.4.
In other news, Coinbase has rolled out a new service targeting Bitcoin customers. The new service focuses on improving the reliability of Bitcoin transactions. The service, which is called Child Pays for Parent (CPFP), intends on providing better user experience on the platform. It is designed to balance the transaction fee and the speed of transaction verification.
“This is somewhat analogous to a pay-as-bid auction, which is structured as follows: potential buyers will submit bids at different prices, and the auctioneer will select the highest bidders as the winners,” according to the exchange’s blog.
Bitcoin broke out from its major support level traced at $6,500 last week. $6,500 is known to be the support level where Bitcoin prices find stability in most bearish scenarios. Since August 9, BTC prices have found stability in the range of $6,400 to $6,800 and has sustained the stability zone. Currently, the market sentiment is bullish for the coin as the prices are eyeing to test the resistance level at $7,000.
Image via Shutterstock
Join our telegram group