Bitcoin Price Analysis: BTC/USD Primed for More Gains Above $6,500

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Bitcoin Price Analysis: BTC/USD Primed for More Gains Above $6,500

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.

Important points

  • 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.

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Chart sourced by TradingView, Bitstamp

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.

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Bitcoin Price Analysis: BTC/USD Primed for More Gains Above $6,500
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Bitcoin Price Analysis: BTC/USD Primed for More Gains Above $6,500
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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.
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COINGAPE
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Latika Mehrotra 54 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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