Bitcoin price traded lower recently after struggling above $6,600. BTC/USD is currently trading near an important support zone at $6,460.

  • Bitcoin price tested the key support zone near the $6,460 level.
  • BTC/USD is facing resistance near $6,580 and a bearish trend line on the 4-hour chart.
  • The price must break the $6,600 resistance area to start a fresh upward move.

Bitcoin BTC Price

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Bitcoin Price Analysis

After a long struggle to break the $6,600 resistance, bitcoin price declined recently. The price declined below the $6,560 support level, but downsides were limited by another important support around $6,460.

Bitcoin Price Analysis BTC Chart

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Looking at the 4-hour chart of BTC/USD, the pair found a strong resistance near the $6,650 and $6,600 levels. As a result, there was a downside reaction below the $6,560 support and the 25 simple moving average (4-hour).

The decline was such that the price traded close to the key support at $6,460, which was a resistance earlier. It acted as solid support and prevented more losses. There is also a connecting bullish trend line in place with support at $6,470 on the same chart.


If buyers fail to hold the trend line support and $6,460, there could be more losses in the near term. The next major support in the mentioned case could be $6,300.

On the flip side, the price is facing a lot of hurdles near the $6,580 and $6,600 levels. Moreover, there is a major bearish trend line formed with resistance at $6,590. Besides, the 25 simple moving average (4-hour) is positioned at $6,592.

Finally, the 23.6% Fib retracement level of the last decline from the $7,020 high to $6,460 low is also near the same trend line. Therefore, a break above the trend line and the $6,590 resistance will most likely open the doors for more gains.

The next key resistance above $6,590-6,600 is near the 50% Fib retracement level of the last decline from the $7,020 high to $6,460 low at $6,740.

Overall, bitcoin price is currently trading near a crucial support above $6,460. As long as BTC/USD is above $6,460, there is a chance of an upside break above $6,590.

The market data is provided by TradingView, Bitfinex.

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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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