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
Trending Stories
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
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Breaking: Singapore Financial Regulator Reprimands Three Arrows Capital
- Ethereum Exchange Supply Spikes, ETH At A Risk of Correcting to $700 And Below
- Bitcoin Prices Can Reach This Level By End Of 2022; Reveals Deutsche Bank
- NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked
- EU Passes A Bill to Trace the Flow of Bitcoin & Crypto Assets In Regulatory Tightening Measures
- North Korea’s Lazarus Group Behind $100 Million Horizon Hack, Harmony Initiates Global Manhunt
- “People Mocking Saylor Will Regret”- Binance CEO
- Grayscale Initiates A Lawsuit Against the U.S. SEC Over Spot Bitcoin ETF Issues
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
- Stacks Price Analysis: Reversal Within Wedge Pattern Eyes $0.3 Support
