- Bitcoin spikes USD 200 as a flurry of buying volume kicks in.
Bitcoin is trading just under flat after trading lower for most of the session. The price has also just pushed through the 55 EMA but the move seems to be lacking some follow-through. The top of the bull flag is providing some resistance too.
Looking closer at the technicals on the chart the RSI has also sparked into like and pushed higher during the move higher. This market is still very choppy on the lower timeframes but there is nothing at the moment to suggest the move will continue higher.
If the pattern breaks then we could be looking at a test of the previous highs. 7K is the biggest level for the bulls to target and at the moment the bears have been successful in batting down the price.
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