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.
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.