Bitcoin price (BTC/USD) looks to extend rally beyond Tuesday highs

The digital could rise to greater high in the coming weeks, technical analysis shows

Bitcoin price (BTC/USD) looks to extend rally beyond Tuesday highs

The Bitcoin price (BTC/USD) has held comfortably above the $7,300 mark in today’s trading, as it has moved in a position to test the next major barrier.

The original cryptocurrency spent most of yesterday’s morning session trying to reclaim the $7,300 mark it had briefly topped on Monday. The digital coin managed to secure the break in the afternoon, as its price surged to a one-month high of $7,388.26. The Bitcoin price rally ran out of steam in the final hours of the session, which led to the coin finishing the day at $7,361.66. Still, the close was significantly higher than Bitcoin’s opening price of $7,263.00.

Bitcoin has so far managed to defend its Tuesday gains in today’s morning trading. The coin hit a high of $7,388.46 earlier in the session and is now looking to further extend its gains.

In its September 4 technical analysis, industry website Coindesk highlighted a recent bullish reversal in one price indicator, signalling that the digital currency could rise to greater highs in the coming weeks. According to the analysis, the MACD histogram, an indicator that oscillates below and above the zero line, has turned bullish for the first time since January. This could allow Bitcoin to revisit it July highs of above $8,500 in the coming weeks. However, in the short term, the coin faces some risk of falling below the $7,000 support, the publication warns.

In today’s trading, the Bitcoin price stood at $7,388.54, as of 10:15 BST. The digital coin has gained 1.2% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. Its total market capitalisation currently stands at $127.4 billion, which represents 53.2% of the total value of all digital currencies.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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