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Bitcoin Price Analysis: BTC/USD Approaching Bullish Break?

Bitcoin price traded higher and broke the $6,360 resistance against the US Dollar. BTC/USD is currently testing the next breakout resistance near $6,460.

Important Points:

    • Bitcoin price gained momentum recently and broke the $6,360 and $6,375 resistances.

    • BTC/USD tested a major bearish trend line with resistance at $6,460 on the 2-hours chart.

    • BTC price must the trend line, $6,475 and the 100 simple moving average (2-hours) to gain traction.

Bitcoin Price Analysis

After a sharp drop, bitcoin price found support near the $6,245 level against the US Dollar. BTC/USD started a decent upward move and traded above the $6,300, $6,360 and $6,375 resistance levels.

The 2-hours chart indicates that the price found a solid buying interest near the $6,245 level, resulting in a sharp upside reaction. The price rallied above $6,360 and broke the 50% Fib retracement level of the last decline from the $6,600 high to $6,244 low.

bitcoin price
Chart sourced by TradingView, Bitstamp

The price also settled above the key resistance at $6,395, which is a positive sign. However, the upside move found sellers near the $6,460 resistance and the 100 simple moving average (2-hours). Besides, there is a major bearish trend line in place with resistance at $6,460 on the same chart.

More importantly, the 61.8% Fib retracement level of the last decline from the $6,600 high to $6,244 low acted as a solid barrier and protected more gains.

The price is currently consolidating gains above the $6,395 support level. There is also a connecting bullish trend line formed with support at $6,405 on the same chart. If the price declines below the trend line and the $6,395 support, there could be a fresh decline towards the $6,320 level.

On the upside, buyers need to clear the trend line, $6,460, and the 100 SMA to gain momentum in the near term. Above these, there are high chances of a solid run towards the $6,600 swing high.

Overall, the recent upward move in bitcoin price is positive, but a proper close above the $6,460 resistance is needed for further gains in the coming sessions.

The post Bitcoin Price Analysis: BTC/USD Approaching Bullish Break? appeared first on Coingape.

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