Bitcoin price failed to hold gains above the $6,480 support and declined against the US Dollar. BTC/USD moved into a short term bearish zone below $6,480 and $6,460.
- Bitcoin price declined recently and settled below the $6,480 support level.
- BTC/USD broke two major bullish trend lines with support at $6,510 and $6,480 on the 2-hours chart.
- BTC price could correct higher, but it could face sellers near the $6,480 and $6,500 levels.
Bitcoin Price Analysis
After topping around the $6,617 level, bitcoin price started a downside move against the US Dollar. BTC/USD declined slowly and steadily below the $6,540 and $6,500 support levels.
The 2-hours chart indicates that the price failed to stay above a couple of important supports near the $6,480 level and it also settled below the 100 simple moving average (2-hours).
Sellers took control recently and pushed the price below the 50% Fib retracement level of the last wave from the $6,345 low to $6,617 high. More importantly, there was a break below two major bullish trend lines with support at $6,510 and $6,480 on the same chart.
The price is now approaching the $6,410 support, which may protect declines. It also represents the 76.4% Fib retracement level of the last wave from the $6,345 low to $6,617 high.
If there are further losses below the $6,410 support, the price is likely to accelerate below the $6,400 support as well. On the upside, an initial resistance is at $6,445 and the 100 simple moving average (2-hours).
However, the main hurdle for buyers is near the $6,480 level, which was a support earlier. There is also a bearish trend line on the same chart around the $6,500 level, which is likely to prevent gains in the near term.
Overall, it seems like bitcoin price moved into a short term bearish zone below the $6,480 support and the 100 SMA. As long as there is no close above $6,500, there is a risk of more downsides towards the $6,400 and $6,345 levels in the coming sessions.