Bitcoin Price Analysis: BTC/USD Approaching Bullish Break?

bitcoin price

Bitcoin Price Analysis: BTC/USD Approaching Bullish Break?

Bitcoin price traded higher and broke the $6,360 resistance against the US Dollar. BTC/USD is currently testing the next breakout resistance near $6,460.

Important Points:

    • Bitcoin price gained momentum recently and broke the $6,360 and $6,375 resistances.
    • BTC/USD tested a major bearish trend line with resistance at $6,460 on the 2-hours chart.
    • BTC price must the trend line, $6,475 and the 100 simple moving average (2-hours) to gain traction.

Bitcoin Price Analysis

After a sharp drop, bitcoin price found support near the $6,245 level against the US Dollar. BTC/USD started a decent upward move and traded above the $6,300, $6,360 and $6,375 resistance levels.

The 2-hours chart indicates that the price found a solid buying interest near the $6,245 level, resulting in a sharp upside reaction. The price rallied above $6,360 and broke the 50% Fib retracement level of the last decline from the $6,600 high to $6,244 low.

bitcoin price
Chart sourced by TradingView, Bitstamp

The price also settled above the key resistance at $6,395, which is a positive sign. However, the upside move found sellers near the $6,460 resistance and the 100 simple moving average (2-hours). Besides, there is a major bearish trend line in place with resistance at $6,460 on the same chart.

More importantly, the 61.8% Fib retracement level of the last decline from the $6,600 high to $6,244 low acted as a solid barrier and protected more gains.

The price is currently consolidating gains above the $6,395 support level. There is also a connecting bullish trend line formed with support at $6,405 on the same chart. If the price declines below the trend line and the $6,395 support, there could be a fresh decline towards the $6,320 level.

On the upside, buyers need to clear the trend line, $6,460, and the 100 SMA to gain momentum in the near term. Above these, there are high chances of a solid run towards the $6,600 swing high.

Overall, the recent upward move in bitcoin price is positive, but a proper close above the $6,460 resistance is needed for further gains in the coming sessions.

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Bitcoin Price Analysis: BTC/USD Approaching Bullish Break?
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Bitcoin Price Analysis: BTC/USD Approaching Bullish Break?
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Bitcoin price traded higher and broke the $6,360 resistance against the US Dollar. BTC/USD is currently testing the next breakout resistance near $6,460.
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Latika Mehrotra 71 Articles

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

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Latika Mehrotra 71 Articles

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

Follow Latika @