Bitcoin Price Watch: BTC/USD Struggle Continues


Key Points

  • Bitcoin price failed to move above the $6,600 resistance and it currently under pressure against the US Dollar.
  • There is a significant bearish trend line formed with resistance at $6,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must move above the $6,500 hurdle and the 100 hourly simple moving average to climb higher.

Bitcoin price is still struggling to gain pace above $6,600 against the US Dollar. BTC/USD is likely to hold the $6,325 and $6,230 support levels in the near term.

Bitcoin Price Analysis

This past week, there was a decent bounce from the $6,130 level in bitcoin price against the US Dollar. The BTC/USD pair traded above the $6,500 and $6,600 resistance levels. However, sellers successfully defended the $6,700-30 zone. As a result, there was a downside reaction and the price declined below the $6,660 pivot level. There was also a break below the 50% Fib retracement level of the last wave from the $6,122 low to $6,731 high.

The price even settled below the $6,500 level and the 100 hourly simple moving average. However, the price was able to hold the 61.8% Fib retracement level of the last wave from the $6,122 low to $6,731 high. There are many important support levels on the downside such as $6,325 and $6,230. As long as the price is above $6,230, it could make an attempt to move higher. On the upside, there is a significant bearish trend line formed with resistance at $6,500 on the hourly chart of the BTC/USD pair.

Bitcoin Price Analysis BTC USD

Looking at the chart, the price has to move past the trend line resistance, $6,500, and the 100 hourly SMA to gain upside momentum. A close above $6,500 may clear the path for a push towards $6,700.

Looking at the technical indicators:

Hourly MACD ā€“ The MACD for BTC/USD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) ā€“ The RSI is moving higher towards the 50 level.

Major Support Level ā€“ $6,230

Major Resistance Level ā€“ $6,500



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