Bitcoin Price Watch: BTC/USD Buyers Losing Grip Below $6,500?

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin price is still struggling to clear the key $6,520 resistance zone against the US Dollar.
There is an important bullish trend line in place with support at $6,430 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is currently at a risk of a bearish reaction towards the $6,400 or $6,340 support levels.

Bitcoin price is slowly moving into a bearish zone below $6,480 against the US Dollar. BTC/USD could extend the current dip towards $6,340 if buyers lose control.

Bitcoin Price Analysis

There was an increase in selling pressure noted below the $6,500 and $6,480 levels in bitcoin price against the US Dollar. The BTC/USD pair struggled continuously to break the $6,500 and $6,520 resistance levels. As a result, there was a slight bearish reaction and the price declined below the $6,450 level. It seems like the price failed to settle above the 23.6% Fib retracement level of the previous decline from the $6,828 high to $6,350 swing low.

More importantly, there is a contracting range forming with support at $6,430 and resistance near $6,490. Additionally, there is a crucial bullish trend line in place with support at $6,430 on the hourly chart of the BTC/USD pair. Therefore, if the price breaks the trend line support and $6,410, it could drop towards the $6,380 level and the 100 hourly simple moving average. Below the 100 hourly SMA, the next key support is at $6,280 (the previous resistance). On the flip side, a break above the $6,500 and $6,520 resistance levels could push the price towards $6,590.

Looking at the chart, bitcoin price may continue to trade in a tight range before it either climbs above $6,500 or breaks the $6,430 support in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI has moved below the 30 level.

Major Support Level – $6,400

Major Resistance Level – $6,500

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.
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