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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Price Watch: BTC Surges Above $6,600, Next Target $6,850

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Points

  • Bitcoin price is trading with a bullish angle above the $6,430 level against the US Dollar.
  • There was a clear break above a major bearish trend line with resistance at $6,435 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair recently managed to surpass a major resistance near the $6,600 level.

Bitcoin price settled above a key pivot at $6,430 against the US Dollar. BTC/USD could accelerate towards $6,850 if buyers succeed in surpassing the $6,750 resistance.

Bitcoin Price Analysis

There was an upside extension above the $6,400 level in bitcoin price against the US Dollar. The BTC/USD pair traded above the $6,430 and $6,450 resistance levels to trade further into the bullish zone. There was even a close above the $6,500 level and the 100 hourly simple moving average. These are all positive signs above the $6,430 pivot level and the $6,400 support area.

During the upside, there was a clear break above a major bearish trend line with resistance at $6,435 on the hourly chart of the BTC/USD pair. The pair traded towards the $6.590 and $6,600 resistance levels, which prevented gains. Later, the price gained traction, surged above the $6,600 resistance, and traded as high as $6,743. It is currently consolidating gains above the 23.6% Fib retracement level of the last upward move from the $6,339 low to $6,743 high. If there is an extension, the price may perhaps test the $6,600 level. It is above the 50% Fib retracement level of the last upward move from the $6,339 low to $6,743 high. The most important support is near the $6,430 pivot level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price may possibly break the $6,750 resistance. The next target for buyers could be $6,850, which is also a significant resistance. On the flip side, dips towards $6,600 are likely to attract buyers.

Looking at the technical indicators:

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

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

Major Support Level – $6,600

Major Resistance Level – $6,750

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Aayush Jindal
Aayush Jindal

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.

Read more

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.

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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

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