Bitcoin Price (BTC) Signaling Fresh Increase But Can Bulls Break $6,400?

Bitcoin price is currently trading above the $5,800 and $5,660 support levels. BTC to USD is currently rising and it might continue to rise towards $6,600 if it breaks $6,400.

Key Takeaways: BTC/USD

  • Bitcoin price is rising again from the $5,660 support area against the US Dollar.
  • BTC/USD is holding the $5,800 support and a connecting bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Ethereum is also rising, but it facing a couple of key hurdles near $130.80 and $132.00.

Bitcoin Price Analysis

Earlier this week, there was a fresh decline in bitcoin price below the $6,300 and $6,200 support levels. BTC to USD even failed to stay above the $5,800 support area.

Bitcoin Price (BTC)

Looking at the 2-hours chart, bitcoin even tested the $5,660 support area and settled below the 50 simple moving average (2-hours, purple). A swing low is formed near $5,659 and recently the price started a fresh increase.

There was a strong upward move above the $6,000 level and the 50 simple moving average (2-hours, purple). Besides, the price broke the 23.6% Fib retracement level of the last decline from $7,131 to $5,659.

On the upside, there is a strong resistance waiting near the $6,400 level. The 50% Fib retracement level of the last decline from $7,131 to $5,659 is also near the $6,400 area to act as a hurdle.

Therefore, an upside break above the $6,400 resistance area could open the doors for more gains. The next key resistance is near the $6,600 level, above which the bulls are likely to aim a test of the $7,000 level.

Conversely, bitcoin price might fail to continue above the $6,400 resistance. An initial support is near the $6,060 level. Moreover, the price is holding the $5,800 support and a connecting bullish trend line on the 2-hours chart.

If there is a downside break below the trend line, the price could revisit the $5,660 support area. If BTC fails to stay above the $5,600 support area, there is a risk of a larger decline towards the $5,000 area.

Live Bitcoin (BTC) Price:

1 BTC/USD =$9,090.4592 change ~ -0.19%

Coin Market Cap

$167.47 Billion

24 Hour Volume

$3.01 Billion

24 Hour VWAP

$9.1 K

24 Hour Change

$-17.3650

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Avatar
Aayush J
Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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