• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
technical analysis bitcoin

Bitcoin Price Watch: BTC/USD Upsides Remain Capped

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read
Advertisement

Key Points

  • Bitcoin price declined below the $6,100 level before recovering substantially against the US Dollar.
  • There is a major bearish trend line in place with resistance at $6,360 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must break the trend line resistance and $6,350 to move further higher in the near term.

Bitcoin price is struggling to hold gains against the US Dollar. BTC/USD may perhaps continue to face hurdles near $6,360 and $6,420.

Bitcoin Price Analysis

Bitcoin price failed to stay above the $6,280 low against the US Dollar. The BTC/USD pair declined further and broke the $6,120 support level. It traded as low as $6,076 before starting an upside correction. There was a decent comeback since the price moved above the $6,220 level. It also broke the 38.2% Fib retracement level of the last drop from the $6,400 high to $6,076 low.

However, the upside move was capped by the $6,360 resistance. More importantly, there is a major bearish trend line in place with resistance at $6,360 on the hourly chart of the BTC/USD pair. The pair also failed to settle above the 61.8% Fib retracement level of the last drop from the $6,400 high to $6,076 low. It is currently trading near the $6,250 level and is consolidating above $6,200. It seems like the price may perhaps make another attempt to break the $6,360 resistance. If it succeeds, there could be more gains above the $6,420 resistance in the near term.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Bitcoin Price Analysis BTC USD

Looking at the chart, bitcoin price is facing a tough task to break the $6,350-60 resistance zone. If it fails to move above this, there are high chances of a fresh downside move back towards the $6,100 level in the near term.

Looking at the technical indicators:

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

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

Hourly RSI (Relative Strength Index) – The RSI is placed nicely above the 50 level with a positive angle.

Major Support Level – $6,100

Major Resistance Level – $6,360

Tags: Bitcoin Analysisbitcoin priceBitcoin price analysisBitcoin price chartbitcoin technical analysisbtcbtcusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Tron And HT Plummets

Tron (TRX), Huobi Token (HT) Plummet Nearly 10% In A Day, Here’s Why

2 hours ago
AVAX Price Could Rally

AVAX Price Prediction: Avalanche Bulls Aim $20 or Higher

8 hours ago
Ethereum Price

Ethereum Price Just Saw Key Technical Correction But Key Support Intact

8 hours ago
Bitcoin

Bitcoin Price Corrects But Uptrend Is Still Intact and BTC Could Rally Again

10 hours ago
Bitcoin Price Retests $27K Following Fed Rate Decision

Bitcoin Price Retests $27K Following Fed Rate Decision

17 hours ago
Ripple XRP

XRP Bulls in Control: What’s Driving The Recent Price Surge?

20 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

TMS Network (TMSN) Presale Success Stirs Markets While Experts Advise To Be Cautious With Conflux (CFX) And Ravencoin (RVN)

March 23, 2023

Solana (SOL) Price Prediction; TMS Network ICO (TMSN) And Avalanche (AVAX) Shines

March 23, 2023

Cryptocurrencies To Get Before April 2023 Ends: Conflux (CFX), yearn.finance (YFI) and TMS Network (TMSN)

March 23, 2023

ScalingX and Buidlbox Partner to Host “The Hunt for X” Zero-Knowledge Tech Hackathon

March 22, 2023

Why is Avorak AI Pumping? – a Guide To AI Cryptos, Fetch.ai, SingularityNET, And More

March 22, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.