Bitcoin Price Analysis: BTC/USD Eyeing Break Towards $7,000

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Bitcoin Price Analysis: BTC/USD Eyeing Break Towards $7,000

Bitcoin price is trading above the $6,520 support zone against the US Dollar. BTC/USD looks set to clear the all-important $6,660 resistance to trade higher.

Important points

  • Bitcoin is attempting an upside break above the $6,660 resistance level.
  • BTC/USD is likely to break a major contracting triangle with resistance at $6,550 on the 2-hours chart.
  • BTC price remains supported on the downside near the $6,520 and $6,510 levels.

Bitcoin price analysis

During the past three sessions, bitcoin price traded in a range with a bullish angle above the $6,520 support against the US Dollar. BTC/USD is still struggling to clear the important $6,660 resistance, but it looks set to make the next move in the near term.

The 2-hour chart indicates that the $6,660 level is a solid resistance as it acted as a support and resistance on several occasions. Recently, the price moved above the $6,600 level and 100 simple moving average (2-hours), but it failed to settle above $6,660.

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Chart sourced by TradingView, Binance

The stated $6,660 level is a key technical resistance since it is the 61.8% Fib retracement level of the last drop from the $6,814 high to $6,430 low. More importantly, the $6,650-6,660 level is a significant pivot area.

Additionally, there is a major contracting triangle in place with resistance at $6,550 on the same chart. Therefore, bitcoin buyers need to clear the $6,650-6,660 resistance zone to gain upside momentum.

The next major resistance above $6,650-6,660 is near the $6,785 level, above which the price is likely to accelerate gains above the $7,000 hurdle.

On the flip side, the triangle support at $6,520 is a crucial zone for buyers and sellers. If sellers succeed in pushing the price below $6,520, there could be a short-term downside break. In the mentioned case, the price is likely to decline towards the $6,430 swing low.

Overall, bitcoin is preparing for the next break and if buyers remain in action for a few more hours, there could be a break above the $6,660 resistance. The market sentiment is improving, which is also a good signal for an upward move towards $6,800 and $7,000.

Summary
Bitcoin price is trading above the $6,520 support zone against the US Dollar. BTC/USD looks set to clear the all-important $6,660 resistance to trade higher.
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Bitcoin price is trading above the $6,520 support zone against the US Dollar. BTC/USD looks set to clear the all-important $6,660 resistance to trade higher.
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Bitcoin price is trading above the $6,520 support zone against the US Dollar. BTC/USD looks set to clear the all-important $6,660 resistance to trade higher.
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Latika Mehrotra 58 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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