technical analysis bitcoin

Bitcoin Price Watch: Close Above $6,600 Could Lift Market Sentiment

Avatar Aayush Jindal 1 year ago

Key Points

  • Bitcoin price found support near $6,400 and bounced back against the US Dollar.
  • Yesterday’s highlighted key bearish trend line is acting as a hurdle near $6,580-6,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair needs to surpass the trend line and the $6,600 resistance to extend gains in the near term.

Bitcoin price bounced back from the $6,400 support against the US Dollar. BTC/USD buyers need to gain strength above $6,600 for further upsides.

Bitcoin Price Analysis

Yesterday, we saw a bearish break below the $6,600 support in bitcoin price against the US Dollar. The BTC/USD pair traded below the $6,500 support and tested the $6,400 support. Later, the price formed a base near $6,400 and later started an upward move. There was a break above the $6,500 resistance and the price rallied above the $6,540 level.

During the upside, the price surpassed the 50% Fib retracement level of the last drop from the $6,640 swing high to $6,402 swing low. Moreover, there was a break above a connecting bearish trend line at $6,505 on the hourly chart of the BTC/USD pair. The pair even traded above the $6,560 level and the 100 hourly simple moving average. However, it seems like the price ran into a significant resistance at $6,580-6,660. More importantly, yesterday’s highlighted key bearish trend line is acting as a hurdle near $6,580-6,600 on the hourly chart of the BTC/USD pair. A proper close above the trend line and $6,600 is needed for buyers to take control. The next resistances are at $6,640 and $6,700.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price bounced back nicely from $6,400, but it ran into the key $6,600 resistance. If buyers fail to break the stated resistance, there could be a fresh decline towards $6,480 and $6,400.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is moving nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is well above the 60 level.

Major Support Level – $6,400

Major Resistance Level – $6,600

Tags: BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Instant Crypto Credit Lines™ from only 5.9% APR - unlock your crypto-wealth tax-efficiently, without selling it. Earn up to 8% interest per year on your Stablecoins, USD, EUR & GBP. $100 million custodial insurance.

Show comments