The Bitcoin price (BTC/USD) has broken through the $6,700 barrier following a sharp increase that occurred in late Thursday trading.
The original cryptocurrency spent the better part of yesterday’s trading trying to break above the $6,500 level. Despite having a couple of brief spells above that mark, the digital coin was largely unsuccessful in its attempts during the morning portion of the session. The breakthrough finally happened in the early afternoon, as Bitcoin was able to steadily rise toward the $6,530 area. Then, in the final hours of the session, the digital currency experienced another, much sharper increase, that put it in a position to test the $6,700 level. The coin eventually reached an intraday high of $6,712.10 before closing at $6,676.75, significantly higher than its opening level of $6,495.29.
The coin has been able to further extend its gains in today’s morning trading, with its price rising to a six-day high. At the time of writing, the Bitcoin price was hovering around the $6,770 level, according to data from digital currency tracker Coinmarketcap.
According to Bloomberg, a new bull run could be on the cards for the flagship digital coin. In its September 27 technical analysis, published before yesterday’s Bitcoin price surge, the publication pointed to a chart hinting at a possible positive price movement.
“Based on an analysis of RIG trend lines, a leading technical indicator that is a combination of the RSI and momentum studies, the momentum gauge crossed the relative strength index (RSI) gauge,” Bloomerg noted, adding that the Bitcoin price rose the past three times the two gauges crossed.
In today’s trading, the bitcoin price stood at $6,778.38, as of 08:42 BST. The coin has gained 4.6% in the past 24 hours. Its market cap currently stands at $117.2 billion, which represents 51.9% of the combined value of all digital currencies.
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