Bitcoin price found support near $6,355 and recovered against the US Dollar. However, BTC/USD is currently facing a solid resistance near the $6,460-80 area.
- Bitcoin price is struggling to break the $6,460-6,480 resistance zone.
- BTC/USD is facing two major bearish trend lines with resistance near $6,460 on the 2-hours chart.
- BTC could resume its decline if it fails to move above the $6,460 and $6,480 resistances.
Bitcoin Price Analysis
Recently, we discussed that bitcoin price turned short term bearish below the $6,510 support against the US Dollar. BTC/USD extended its decline below the $6,460 support and traded towards the $6,350 level.
The 2-hours chart indicates that the price settled below the $6,460 support and the 100 simple moving average (2-hours). It traded as low as $6,354 and later started an upward move above the $6,400 resistance level.
Buyers pushed the price above the 23.6% Fib retracement level of the last downside leg from the $6,614 high to $6,354 low. However, the upside move was protected by the $6,460-6,480 area, which was a support earlier and now it is acting as a hurdle for buyers.
Furthermore, the price got rejected around the 100 simple moving average (2-hours) plus the 50% Fib retracement level of the last downside leg from the $6,614 high to $6,354 low.
More importantly, there are two major bearish trend lines in place with resistance near $6,460 on the same chart. Therefore, it seems like the $6,460-6,480 resistance area holds a lot of significance in the near term.
If buyers push the price above the $6,460-6,480 resistance and the 100 SMA, there could be more upsides above the $6,500 level. The next major resistance in the mentioned case could be $6,553 and the 76.4% Fib level.
On the other hand, if buyers fail to gain momentum above $6,480, the price may well decline once again. An initial support awaits near the $6,415 level, below which bitcoin price is likely to extend losses towards the last swing low of $6,354. The main support is close to $6,280 for the current technical structure.