Bitcoin price declined recently below the $6,670 and $6,620 supports against the US Dollar. However, BTC/USD is still holding the key $6,530 support.
- Bitcoin managed to stay above an important support at $6,530-40.
- BTC/USD is following a crucial bullish trend line with support at $6,540 on the 2-hours chart.
- BTC price must break the $6,620 and $6,670 resistance levels to recover higher.
Bitcoin price analysis
Recently, there was a downside reaction in bitcoin price from the $6,714 swing high against the US Dollar. BTC/USD broke down below the $6,620 support, but buyers managed to hold key supports above the $6,500 level.
The 2-hour chart indicates that the price was under pressure recently as it declined below $6,580 and the 100 simple moving average (2-hours). It traded close to the $6,520 support where buyers took a stand.
A swing low was formed at $6,530 and later there was a decent recovery. It seems like the price stayed above a crucial bullish trend line with support at $6,540 on the 2-hours chart.
It recovered above the 23.6% Fib retracement level of the last decline from the $6,714 high to $6,530 low. However, the price is currently struggling to break the $6,600 level and the 100 simple moving average (2-hours).
If there is an upside break above $6,600, the price may recover towards a bearish trend line with current resistance at $6,630. An intermediate hurdle is near the 50% Fib retracement level of the last decline from the $6,714 high to $6,530 low at $6,620.
Therefore, bitcoin buyers need to push the price above $6,620 and the trend line to push the price back in a positive zone. The next hurdle is at $6,670, above which the price is likely to revisit the $6,700 resistance area.
On the other hand, the $6,540 and $6,530 support levels along with the same bullish trend line are significant. As long as bitcoin price is above these supports, it remains in an uptrend. If not, the price could drop sharply below the $6,520 and $6,500 support levels in the near term.