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 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.
Click to Enlarge Chart
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.
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