Bitcoin Technical Analysis: BTC/USD Bulls-Bears Fighting Near $6,500

Bitcoin Technical Analysis: BTC/USD Bulls-Bears Fighting Near $6,500

Bitcoin price recovered sharply after testing the $6,225 support against the US Dollar. BTC/USD has to break the $6,500 resistance for more upsides.

Important points

  • Bitcoin’s decline found a strong support near the $6,225 pivot level.
  • There is a declining channel formed with resistance at $6,460 on the 2-hour chart of BTC/USD.
  • BTC price may perhaps continue to trade in a range with support at $6,255 and resistance near $6,500/80.

Bitcoin technical analysis

There was a sharp bearish reaction from the $6,500 resistance zone in bitcoin price. BTC/USD declined heavily and traded towards an important support zone at $6,225, where buyers emerged.

The 2-hours chart of BTC price indicates that there was a sharp recovery from the $6,225 support. The stated support acted as a buy zone on many occasions since it represents the 50% Fibonacci retracement level of the last wave from the $5,875 low to $6,621 high.

bitcoin
Chart sourced by TradingView, Binance

The price is currently trading above the $6,400 level and the 100 SMA (2-hours). The current price action is positive, but it seems like buyers are facing a tough challenge near the $6,500 resistance zone.

There is also a declining channel formed with resistance at $6,460 on the same chart. If he price breaks the channel resistance and $6,500, there could be more gains towards the $6,621 swing high. Above this, the price may possibly rally towards the $6,800 and $7,000 level.

On the flip side, if the price fails to move past $6,500, it might drop back towards the $6,225 support zone. Should sellers gain control, the price could drop to $6,065 and the 76.4% Fibonacci retracement level of the last wave from the $5,875 low to $6,621 high.

Overall, the bitcoin price seems to be trading in a broad range with support at $6,225 and resistance near $6,500. The current technical structure is positive as long as the price is above $6,225, but a convincing break above $6,500 is must for a follow-up rally. The RSI is also signaling a positive bias, which could gain traction once the price clears the $6,500 hurdle.

Also, read: Bitcoin Outdoing Gold, Acclaimed Economist Says BTC Possesses More Utility

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Bitcoin Technical Analysis: BTC/USD Bulls-Bears Fighting Near $6,500
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Bitcoin Technical Analysis: BTC/USD Bulls-Bears Fighting Near $6,500
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Bitcoin price recovered sharply after testing the $6,225 support against the US Dollar. BTC/USD has to break the $6,500 resistance for more upsides.
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Latika Mehrotra 71 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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Latika Mehrotra 71 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]

Follow Latika @