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Bitcoin price managed to move above the $6,320 resistance against the US Dollar. However, BTC/USD bulls are fighting hard to push the price above $6,625.
Important points
- Bitcoin settled above the $6,320 resistance, but it failed to gain bullish momentum.
- There was a break above a significant bearish trend line resistance near $6,340 on the 2-hours chart.
- BTC price needs to surpass a strong sell zone near the $6,625 zone to gain traction.
Bitcoin price analysis
There was a decent rise in bitcoin price during the past few hours from the $6,176 swing low. BTC/USD slowly and steadily climbed higher and broke a major resistance near $6,320 and $6,400 (as discussed in the last analysis).
The 2-hours chart of BTC price cleared the $6,320 resistance and also settled above the 100 simple moving average (2-hours). It opened the gates for more upsides and the price moved past $6,410.
Chart sourced by TradingView, Binance
The price also surpassed the 38.2% Fibonacci retracement level of the last downside move from the $7,148 high to $5,876 low. More importantly, there was a break above a significant bearish trend line resistance near $6,340 on the same chart.
The price spiked above the $6,500 and $6,520 levels on a few occasions, but buyers failed to retain gains. Additionally, there was no 2-hour close above the 50% Fibonacci retracement level of the last downside move from the $7,148 high to $5,876 low.
Therefore, the recent break, for now, can be considered as a normal corrective move above $6,400. Having said that, once the price settles above the stated fib level and the $6,625 resistance, there could be more gains in the near term.
On the other hand, if the price corrects lower, the broken resistance at $6,320 and the 100 simple moving average (2-hours) are likely to act as supports.
To sum up, the recent break above $6,320 and the trend line is positive, but only a convincing break above $6,625 could clear the path for further upsides towards the $6,875 and $7,003 levels in the near term. Technically, the 2-hour BTC/USD is currently near 58 with a few positive signs.
Also, read: US Investors can Now Buy Bitcoin through their Retirement & Brokerage Accounts
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