Bitcoin price gained traction recently from the $6,150 support against the US Dollar. BTC/USD is now approaching a crucial resistance near the $6,900 and $7,000 levels.
- Bitcoin price made a nice upside move and traded above the $6,580 resistance.
- BTC/USD cleared a crucial contracting triangle pattern with resistance at $6,480 on the 2-hours chart.
- The pair is approaching a major resistance zone near the $7,000 level on the daily chart.
Bitcoin Price Weekly Analysis
In the last analysis, we discussed that bitcoin price could rise towards the $6,750 level against the US Dollar. The BTC/USD pair did made a nice upward move and not only tested the $6,750 level, but it also surpassed it.
Looking at the daily chart, the price formed a support base near the $6,125 level. It seems like a major bullish trend line on the same chart acted as a support near the $6,125 and $6,140 levels.
Later, the price started an upward move and traded above the 23.6% Fib retracement level of the last slide from the $7,406 high to $6,124 swing low. BTC buyers even managed to push the price above the $6,500 resistance and the 25-day simple moving average.
However, the upside move found resistance near the 50% Fib retracement level of the last slide from the $7,406 high to $6,124 swing low. Moreover, there is a connecting bearish trend line in place with resistance near $7,020.
Therefore, if the price continues to move higher, it won’t be easy for buyers to clear $7,000 and $7,020. Moving down to the 2-hours chart, BTC/USD recently broke a crucial contracting triangle pattern with resistance at $6,480.
It opened the doors for more gains and the price broke the $6,750 resistance. It traded as high as $6,828 and is currently correcting lower. An initial support is near the $6,700 level.
If bitcoin price continues to move down, it could find support near the $6,585 level and the 25 simple moving average (2-hours). The mentioned $6,585 level represents the 50% Fib retracement level of the recent upward move. Below $6,585, the price may perhaps revisit the $6,450 level.
The market data is provided by TradingView, Coinbase.