Bitcoin Price Watch: BTC/USD Targets New Weekly High

Key Points

  • Bitcoin price surged higher and broke the $ 6,540-50 resistance area against the US Dollar.
  • Yesterday’s highlighted important bearish trend line was breached with resistance at $ 6,495 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now placed well above the $ 6,580 pivot level and it could accelerate towards $ 6,840.

Bitcoin price is gaining traction above $ 6,640 against the US Dollar. BTC/USD is likely to move further higher towards $ 6,840 and $ 6,880 if buyers remain in action.

Bitcoin Price Analysis

After a brief struggle to break $ 6,540, buyers finally gained momentum to push bitcoin price higher against the US Dollar. The BTC/USD pair traded higher and broke the $ 6,550 and $ 6,580 resistance levels. There was even a close above the $ 6,620 level and the 100 hourly simple moving average. Furthermore, the price traded above the 61.8% Fib retracement level of the last slide from the $ 6,839 high to $ 6,318 low.

More importantly, yesterday’s highlighted important bearish trend line was breached with resistance at $ 6,495 on the hourly chart of the BTC/USD pair. The pair even broke the $ 6,720 resistance and is currently placed nicely in a bullish zone. It seems like the price could settle above the 76.4% Fib retracement level of the last slide from the $ 6,839 high to $ 6,318 low. The next resistance for buyers is near the $ 6,840 swing high. Above this, the price could target a new weekly higher towards the $ 6,900 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is gaining traction above the $ 6,700 level. If buyers remain in action, the price could continue to move higher towards the $ 6,840 level. On the downside, dips towards $ 6,640 and $ 6,600 are likely to find a strong buying interest in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is gaining strength in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is now well above the 60 level.

Major Support Level – $ 6,640

Major Resistance Level – $ 6,840

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