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.
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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.
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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.