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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Price Watch: BTC/USD’s Upsides Capped By $6,580

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

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price declined further, broke the $6,400 support, and traded as low as $6,318 against the US Dollar.
  • There are two bearish trend lines in place with resistance at $6,520 and $6,580 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to face a strong resistance near the $6,580 level if there is an upside correction.

Bitcoin price extended declines towards the $6,275 level against the US Dollar. BTC/USD may perhaps correct higher, but it won’t be easy for a push above $6,580.

Bitcoin Price Analysis

There was a sharp downside reaction below the $6,600 pivot level in bitcoin price against the US Dollar. The BTC/USD pair declined further below the $6,450 and $6,400 levels to move into a bearish zone. The recent low was formed at $6,318 before the price started consolidating losses. It tested the 23.6% Fib retracement level of the last decline from the $6,660 high to $6,318 low.

However, gains were limited by the $6,450 level. Moreover, the 50% Fib retracement level of the last decline from the $6,660 high to $6,318 low is also near the $6,489 level to act as a resistance. More importantly, there are two bearish trend lines in place with resistance at $6,520 and $6,580 on the hourly chart of the BTC/USD pair. Therefore, if the price continues to move higher, it is likely to face sellers near the $6,450 and $6,480 levels. Above the trend lines and the $6,500 barrier, the price could test the $6,620 pivot level. On the downside, the $6,400 level is an initial support.

Bitcoin Price Analysis BTC USD Chart

Looking at the chart, bitcoin price is slowly recovering from the $6,318 low. However, upsides are likely to face a lot of sellers near the $6,450 and $6,480 levels in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is currently above the 50 level.

Major Support Level – $6,350

Major Resistance Level – $6,480

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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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