Bitcoin price remained supported above the $6,400 and $6,500 levels against the US Dollar. BTC/USD could surge higher once it break the $6,750 resistance.
- Bitcoin price dips remain supported near the $6,400 and $6,450 levels.
- There was a break above a significant bearish trend line with resistance at $6,300 on the daily chart of BTC/USD.
- The pair is currently forming a breakout pattern with resistance near $6,600 on the 2-hours chart.
Bitcoin Price Weekly Analysis
Bitcoin price remained in a range this past week above $6,400 with a few bullish moves against the US Dollar. The BTC/USD pair traded above the last swing high of $6,750 and tested the $6,800 resistance zone.
Looking at the 2-hours chart, the price traded as high as $6,798 before sellers appeared. Later, there was a downside correction and the price declined towards the $6,400 support area.
A low was formed at $6,452 and bitcoin buyers were successful in defending further losses. The price started a fresh upside wave and moved above the 23.6% Fib retracement level of the last decline from the $6,798 high to $6,452 low.
More importantly, there was a close above the $6,500 pivot level and the 21 simple moving average (2-hours). It has opened the doors for more gains above the $6,600 and $6,650 levels.
At the moment, there is a breakout pattern with resistance near $6,600 on the same chart. Above the triangle resistance, the 50% Fib retracement level of the last decline from the $6,798 high to $6,452 low is at $6,625.
Therefore, a break and close above the $6,600-6,625 zone could open the doors for more upsides. The next resistance in the mentioned case is at $6,750, followed by $6,800. The final hurdle for bitcoin is near the $7,000 level, above which, the price will most likely surge towards $7,500.
On the flip side, if the price moves down and breaks the triangle support at $6,480, the price could trade to a new low below the $6,450 level.
Looking at the daily chart of BTC/USD, the pair broke a significant bearish trend line with resistance at $6,300. It indicates that the price may perhaps move further higher, but the $6,800 resistance zone holds the key.
Overall, the current price action is positive as long as the price is above $6,450. On the upside, a break above $6,800 might push the price further into the bullish zone.
The market data is provided by TradingView, Coinbase.