Bitcoin Price Analysis: BTC/USD Rebounds As Sellers Take a Step Back

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Bitcoin Price Analysis: BTC/USD Rebounds As Sellers Take a Step Back

Bitcoin price is positioned above the $6,320 support against the US Dollar. BTC/USD is rebounding and it seems like sellers are retreating slowly as buyers take the stage.

Important points

  • Bitcoin rebounded and managed to settle above the $6,320 support zone. 
  • BTC/USD is attempting a close above a connecting bearish trend line with resistance at $6,475 on the 30-minute chart. 
  • BTC price may perhaps dip a few points, but it could make an attempt to test the $6,708 resistance.

Bitcoin Price Analysis

The past two sessions were mostly positive as bitcoin price succeeded in settling above the $6,320 support area. BTC/USD climbed higher above the $6,600 level and topped at $6,630.

The 30-minute chart of BTC/USD indicates that the price formed a short-term top at $6,630 and corrected lower. It declined, but the $6,300-6,320 support area prevented losses.

bitcoin
Chart sourced by TradingView, Binance

More importantly, a bullish trend line with current support at $6,320 acted as a decent buy zone. The price bounced back and moved above the 50% Fibonacci retracement level of the last slide from the $6,630 swing high to $6,300 low.

There was also a close above $6,450 and the 100 SMA (30-minute), opening the doors for more gains. At the moment, BTC price is attempting a close above a connecting bearish trend line with resistance at $6,475.

Should there be a close above the trend line and the $6,504 resistance, the price may perhaps accelerate gains in the near term. The next stop could be $6,552 and the 76.4% Fibonacci retracement level of the last slide from the $6,630 swing high to $6,300 low.

Above $6,552, the price is likely to break the $6,630 high and test the 1.236 Fib extension level of the last slide from the $6,630 swing high to $6,300 low at $6,708. Above this, there is a crucial resistance waiting near the $6,830 and $6,880 levels.

If there is a dip from the current levels, the 100 SMA and the $6,380 level could act as supports. Below these, the trend line and the $6,320 support possibly will act as barriers for sellers.

Overall, traders might look for an upward move as long as bitcoin price is above the $6,300-6,320 support zone.

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Bitcoin Price Analysis: BTC/USD Rebounds As Sellers Take a Step Back
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Bitcoin Price Analysis: BTC/USD Rebounds As Sellers Take a Step Back
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Bitcoin price is positioned above the $6,320 support against the US Dollar. BTC/USD is rebounding and it seems like sellers are retreating slowly as buyers take the stage.
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COINGAPE
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Latika Mehrotra 57 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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