Bitcoin Price Watch: Here is Why $6,600 is Significant for BTC

Aayush Jindal

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Key Points

Bitcoin price remained below the $6,600 resistance level against the US Dollar.
This week’s followed important bearish trend line is still active with resistance at $6,585 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair has to clear the $6,585 and $6,600 resistance level to gain traction in the near term.

Bitcoin price struggled to clear the $6,600 resistance against the US Dollar. BTC/USD could react to the downside if there is a continuous failure near $6,600.

Bitcoin Price Analysis

During the past two analysis, we discussed the importance of the $6,600 resistance for bitcoin price against the US Dollar. The BTC/USD pair failed on many occasions to clear the $6,580 and $6,600 resistance zone. Moreover, there was also no close above the 100 hourly simple moving average and the $6,585 level. These are negative signs pointing towards a short-term weakness below the $6,550 level.

More importantly, this week’s followed important bearish trend line is still active with resistance at $6,585 on the hourly chart of the BTC/USD pair. The price recently declined below the 23.6% Fib retracement level of the last wave from the $6,399 low to $6,597 high. However, downsides were limited by the $6,500 support area. Additionally, the 50% Fib retracement level of the last wave from the $6,399 low to $6,597 high is also acting as a support. Below the $6,500 support level, there could be a bearish wave towards the $6,400 pivot level.

Looking at the chart, bitcoin price is clearly facing a solid barrier near the $6,600 level. A proper close above $6,585 and $6,600 is needed for buyers to gain upside momentum. The next crucial hurdle for them is near the $6,680 and $6,720 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is just above the neutral 50 level.

Major Support Level – $6,500

Major Resistance Level – $6,600

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.