Bitcoin Price Analysis: BTC/USD Holding Key Supports Above $6,400

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Bitcoin Price Analysis: BTC/USD Holding Key Supports Above $6,400

Bitcoin price is trading with bullish moves above $6,380 against the US Dollar. BTC/USD is slowly rising and it may perhaps rise above $6,560/80 in the near term.

Important points

  • Bitcoin’s decline is pointing positive signs above the $6,400 level.
  • There is a key bullish trend line formed with support at $6,400 on the 2-hour chart of BTC/USD.
  • BTC price is gaining pace and it seems like there could be a break above $6,580 and $6,600 in the near term.

Bitcoin price analysis

There was a strong reaction near the $6,300 support area in bitcoin price against the US Dollar. BTC/USD is gaining pace slowly and steadily with a close above the $6,380 and $6,420 resistance levels.

The 2-hours chart of BTC price found a lot of buying interest near the $6,240 and $6,260 levels. The price moved higher and traded above the 23.6% Fibonacci retracement level of the last drop from the $6,881 high to $6,246 low.

bitcoin
Chart sourced by TradingView, Binance

There was a close above the $6,420 level and the 100 simple moving average (2-hours). The upside move was such that the price traded above the $6,500 level.

However, the upside move is facing a lot of barriers near the $6,560 level and the 50% Fibonacci retracement level of the last drop from the $6,881 high to $6,246 low. Should there be a close above the $6,580 level and the $6,600 level, there could be more gains above the $6,650 level.

The next major resistance is near the 76.4% Fibonacci retracement level of the last drop at $6,731. On the flip side, if there is a decline below the $6,480 level, the price could find support near the $6,380 level and the 100 SMA.

There is also a crucial bullish trend line with support at $6,380 level, which is likely to act as a strong buy zone.

Overall, the current price action is positive above the $6,380 level and the 100 SMA. On the upside, a proper 2-hour close above the $6,580 level may well provide a boost to buying sentiment.

Also, read: Bitcoin Remains the King as Altcoins Purge, An Imminent Death or a Golden Shot?

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Bitcoin Price Analysis: BTC/USD Holding Key Supports Above $6,400
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Bitcoin Price Analysis: BTC/USD Holding Key Supports Above $6,400
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Bitcoin price is trading with bullish moves above $6,380 against the US Dollar. BTC/USD is slowly rising and it may perhaps rise above $6,560/80 in the near term.
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COINGAPE
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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 @