Bitcoin (BTC) Price Rally Reaches Inflection Point: $6.1K and $6.8K Hold Key
technical analysis

Bitcoin (BTC) Price Rally Reaches Inflection Point: $6.1K and $6.8K Hold Key

THELOGICALINDIAN - Bitcoin amount is surging college appear 6000 adjoin the US Dollar BTC could extend assets but it is adverse two important hurdles abreast 6100 and 6800 on the circadian chart

Bitcoin Price Analysis

In the accomplished few days, there was a steady rise in bitcoin amount from the $4,000 beat low adjoin the US Dollar. The BTC/USD brace bankrupt the $4,400 and $4,700 attrition levels to alpha a able advancement move. There was alike a abutting aloft the $4,200 attrition and the 100-day simple affective average. The beasts pushed the amount aloft the 50% Fib retracement akin of the aftermost above abatement from the $6,562 aerial to $3,115 low.

More importantly, there was a breach aloft a acute bearish trend band at $4,730 on the circadian blueprint of the BTC/USD pair. Recently, the brace bankrupt the $5,250 and $5,500 attrition levels to extend gains. It is now trading able-bodied aloft the 76.4% Fib retracement akin of the aftermost aloft abatement from the $6,562 aerial to $3,115 low. These all are absolute signs, suggesting added assets aloft the $5,900 level. However, there are many hurdles on the upside abreast the $6,000, $6,070 and $6,100 levels. The $6,070 akin was the antecedent breakdown abutment and it may now anticipate gains.

If there is an upside breach aloft $6,100, there could be an upside addendum appear the $6,532 beat high. The capital attrition aloft $6,500 is abreast the $6,800 level, the capital axis area of Oct 2024. Therefore, there are affairs of a able bearish acknowledgment from $6,100, $6,500 or $6,800 in the advancing days.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount seems to be accepting clip aloft the $5,500 and $5,600 levels. Having said that, the beasts are acceptable to face a able action area abreast $6,000, $6,070 and $6,100. If there is a acknowledged abutting aloft $6,100, the amount may ascend college appear $6,500 or alike $6,800 afore starting a abundant downside correction. On the downside, there are abounding supports abreast $5,540, $5,450 and $5,250. Below these, the amount may revisit $5,000.

Technical indicators:

Daily MACD – The MACD is accepting bullish drive with abounding absolute signs.

Daily RSI (Relative Strength Index) – The RSI for BTC/USD climbed aloft the 70 akin and it seems to be branch appear the 80 level.

Monthly Support Levels – $5,450 followed by $5,250.

Monthly Resistance Levels – $6,070, $6,500 and $6,800.