Bitcoin price is trading well above the $6,000 and $6,200 support levels against the US Dollar. BTC/USD is currently attempting an upside break above the $6,600 resistance.
- Bitcoin price is facing a major resistance near the $6,600 and $6,625 levels.
- BTC/USD broke a major bearish trend line with resistance at $6,550 on the 2-hours chart.
- The pair is currently attempting a close above an important bearish trend line with resistance at $6,625 on the daily chart.
Bitcoin Price Weekly Analysis
During the past few days, there was a slow and steady rise from the $6,200 support area in bitcoin price against the US Dollar. The BTC/USD pair traded above the $6,320 and $6,400 resistance levels to move into a positive zone.
Looking at the daily chart, the price traded above the $6,410 resistance as well. Moreover, there was a break above the 23.6% Fib retracement level of the last drop from the $7,406 high to $6,098 low.
The price recently traded above the 25-day simple moving average and the $6,550 resistance, which is a positive sign. However, the price is currently attempting a close above an important bearish trend line with resistance at $6,625 on the same chart.
If there is a close above the trend line and $6,640, there could be more gains. The next resistance is near $6,752 and the 50% Fib retracement level of the last drop from the $7,406 high to $6,098 low.
Moving down to the 2-hours chart, BTC/USD recently cleared a major bearish trend line with resistance at $6,550. The pair is currently trading nicely above the $6,550 level and the 25 simple moving average (2-hours).
If the recent upside break is true, the price is likely to accelerate above the $6,640 and $6,660 resistance levels in the near term. On the downside, an initial support is at $6,520, below which the $6,500 level could hold losses.
If bitcoin price fails to hold the $6,500 support, there could be bearish moves towards $6,320 and $6,200 in coming sessions.
The market data is provided by TradingView, Coinbase.