- Despite the spike higher BTC failed to take out some key levels.
- BTC/USD trades 5.81% higher on Thursday as most of the majors received a boost.
BTC/USD 60-minute chart
Bitcoin pushed higher earlier in the session but as you can see from the 1-hour chart below the asset failed to take out some key levels. BTC/USD did manage to spike through the trendline but it didn’t manage to gather enough momentum to sustain the move.
Now the price is nestling around the 7K psychological level but is holding above the 200 period moving average. The RSI moved into overbought territory but since pulled back. There is the potential for another spike higher but as you can see from the volume histogram the buys seemed to have disappeared. If there is to be another break and test of the trendline then it would be good confirmation to see a rise in volume again at least to the level of the circle.
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