bitcoin price rise btc analysis

Bitcoin (BTC) Price Hits $6.5K Target: $6.85K Could Be The Real Test

Avatar Aayush Jindal 7 months ago
  • Bitcoin price extended gains above the $6,400 and $6,440 resistance levels against the US Dollar.
  • The price tested the key $6,500 resistance level as discussed in yesterday’s analysis.
  • Besides, yesterday’s highlighted important bullish trend line is intact with support at $6,060 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains in a strong uptrend and it seems like the real test for the bulls could be near $6,850.

Bitcoin price is extending its rally above the $6,450 level against the US Dollar. BTC is following a solid bullish path and it seems like it could even test the $6,800 level in the near term.

Bitcoin Price Analysis

Yesterday, we saw a strong rise in bitcoin price above the $6,200 resistance area against the US Dollar. The BTC/USD pair even broke the $6,350 level and settled well above the 100 hourly simple moving average. As a result, the bulls are in control and they were successful in clearing a major resistance area near the $6,400 level. Earlier, there was a minor dip, but the $6,280 and $6,300 levels provided support. As a result, the price bounced back and broke the $6,450 level.

It recently tested the $6,500 level and is currently consolidating gains. An initial support is near $6,440, and the 23.6% Fib retracement level of the recent wave from the $6,245 low to $6,500 high. However, the main support is near the previous breakout zone at $6,400. Besides, the 50% Fib retracement level of the recent wave from the $6,245 low to $6,500 high is also near the $6,400 level to act as a strong support. Below $6,400, the price may decline back towards the $6,250 support area.

More importantly, yesterday’s highlighted important bullish trend line is intact with support at $6,060 on the hourly chart of the BTC/USD pair. The pair is clearly in a strong uptrend and it seems like it could even break the $6,550 and $6,600 levels in the coming sessions. As a result, the main target for the bulls could near the $6,800 and $6,850 levels (as pointed out in one of the previous analysis with the daily chart).

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is gaining traction above the $6,400 level. There may be a couple of swing moves towards $6,400 or $6,300, but dips remain well supported. Only a close below the $6,000 pivot level and the 100 hourly SMA could start a strong correction.

Technical indicators:

Hourly MACD – The MACD is about to gain momentum in the bullish zone, with bullish signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving higher towards the 75 level.

Major Support Levels – $6,400 followed by $6,250.

Major Resistance Levels – $6,500, $6,600 and $6,800.

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