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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/USD Bearish Within Range Below $6,450

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

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Key Points

  • Bitcoin price failed to move above the $6,450 and $6,460 resistance levels against the US Dollar.
  • There is a key connecting bullish trend line in place with support at $6,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price must clear the $6,450 and $6,460 resistance levels to move into a positive zone.

Bitcoin price mostly consolidated above $6,400 against the US Dollar. BTC/USD seems to be struggling to clear the $6,450 resistance area.

Bitcoin Price Analysis

There was yet another rejection noted around the $6,450 resistance area in bitcoin price against the US Dollar. The BTC/USD pair traded as high $6,460 and later started a downside correction. The price dipped below the $6,420 and $6,400 supports along with the 100 hourly simple moving average. It traded as low as $6,390 and later recovered a few points. Buyers pushed the price above the $6,410 level and the 100 hourly SMA.

There was also a break above the 23.6% Fib retracement level of the last decline from the $6,460 high to $6,390 low. However, the upside move was capped by the $6,425 level. Besides, the 50% Fib retracement level of the last decline from the $6,460 high to $6,390 low also acted as a hurdle. At the moment, the price is consolidating above $6,400 and the 100 hourly SMA. On the downside, there is a key connecting bullish trend line in place with support at $6,400 on the hourly chart of the BTC/USD pair. If there is a downside break below the trend line and $6.390, the price could test the $6,350 support.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price must break the $6,450 and $6,460 resistance levels to climb further higher. The next major resistance is near the $6,520 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is now below the 50 level.

Major Support Level – $6,390

Major Resistance Level – $6,450

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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.

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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

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Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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