Bitcoin price is holding the key $6,380 support against the US Dollar. BTC/USD looks set to climb higher above the $6,500 resistance in the near term.
- Bitcoin price remained well supported near the $6,380 support area.
- BTC/USD is currently forming a bullish flag pattern with resistance at $6,525 on the 2-hours chart.
- BTC price is likely to find a strong buying interest near the $6,380 and $6,360 supports.
Bitcoin price analysis
After a sharp pullback from the $6,759 high, bitcoin price started consolidating in a range against the US Dollar. BTC/USDT is currently holding the key $6,380 support level, which is a positive sign.
The 2-hour chart indicates that the price trimmed gains from the $6,759 high and declined below the $6,660 support. There was also a break below the 50% Fib retracement level of the last wave from the $6,147 low to $6,749 high.
However, the decline found support near the $6,380 level and the 100 simple moving average (2-hours). The $6,380-6,400 area was a resistance earlier, and now it is acting as a support.
Moreover, the price found a strong buying interest near the 61.8% Fib retracement level of the last wave from the $6,147 low to $6,749 high. At the outset, the price is trading inside a bullish flag pattern with resistance at $6,525 on the same chart.
In the near term, the price could test the channel support at $6,410 or it could even test the $6,380 support before it starts a fresh upward move.
On the upside, there is a key resistance at $6,500, above which the price must clear the flag resistance at $6,525 to accelerate gains in the near term. Once there is a close above the flag resistance, the price will most likely climb towards the $6,610 and $6,660 resistance levels.
Overall, bitcoin price is trading with a positive bias above the $6,380 support. Should sellers push the price below the stated support, there could be a sharp downside move towards the $6,250 support zone, which represents the previous significant hurdle for buyers.