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Bitcoin Price Intraday Analysis: BTC/USD in Near-term Rising Wedge

Bitcoin on Friday broke above its psychological resistance level near $6,500 and formed higher highs towards $6,600.

The BTC/USD kickstarted the Asian trading session with an impressive rally from 6462-fiat to 6595-fiat. However, the pair failed to sustain the upside momentum near the new resistance and retraced back towards 6400-fiat. As it happened, BTC/USD made lower lows towards 6355-fiat during the early European hours. The session matured with pair attempting a decent bounce back towards the level just shy of 6500-fiat – our make-or-break level from August.

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