Bitcoin price spiked sharply after testing the $6,240 support. BTC/USD must clear the $6,410 resistance to gain bullish momentum in the near term.

  • Bitcoin price found a strong buying interest near the $6,240 support level.
  • BTC/USD faced a solid barrier near the previous channel support at $6,410 on the 30-minute chart.
  • The price needs to surpass the $6,400 and $6,410 resistance levels to move into a bullish zone.

Bitcoin BTC Price

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Bitcoin Price Analysis

There was a slow and steady decline noted below the $6,400 support in bitcoin price recently. The price traded below the $6,360 and $6,320 support levels and later declined sharply towards the $6,240 level.

Bitcoin Price Analysis BTC Chart

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Looking at the 30-minute chart of BTC/USD, the pair found a strong support near the $6,240 level and later bounced back sharply. The price jumped above the $6,300 level and the 25 simple moving average (30-minute).

During the rise, the price cleared the $6,360 resistance and the 50% Fib retracement level of the last decline from the $6,512 high to $6,242 low. However, the price faced a lot of offers near the $6,400 and $6,410 resistance levels.

More importantly, buyers struggled to clear the previous channel support at $6,410 on the same chart. The price tested the 61.8% Fib retracement level of the last decline from the $6,512 high to $6,242 low and retreated.

It is currently trading above the $6,360 level, but below the channel resistance area. It seems like buyers need to surpass the $6,400 and $6,410 resistance levels to push the price back in a positive zone.

In the mentioned bullish scenario, the price is likely to recover towards the $6,510 level in the near term. On the other hand, if there is no upside break above $6,410, the price could decline once again below the $6,360 and $6,320 support.

In short term, there could be range moves in bitcoin price above the $6,320 support before BTC/USD makes the next move either above $6,410 or towards the $6,240 support.

The market data is provided by TradingView, Bitfinex.



Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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One Comment

  1. Avatar

    This lines up with the 50% Fibonacci retracement level on the recent climb to the channel top, excluding the spike. A bounce could take Bitcoin up to the resistance around the $7,000 major psychological mark. A larger pullback, on the other hand, could test support at the $6,400 level.


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