RATE Group | Bitcoin Price Move Past $6.5K Would Boost Upside Potential
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Bitcoin Price Move Past $6.5K Would Boost Upside Potential

13 Aug Bitcoin Price Move Past $6.5K Would Boost Upside Potential

Posted at 11:10h in Bitcoin News by

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Against all odds, bitcoin (BTC) defended the support at $6,000 over the weekend, opening doors for a stronger corrective rally above $6,480.

Friday’s drop below $6,240 (bear flag breakdown) had opened the doors to the re-test of the June low of $5,755. Further, BTC closed below Thursday’s low of $6,183 on Friday, signaling a continuation of the sell-off from the July 25 high of $8,507.

Clearly, the odds were stacked in favor of the bears, still, a break below $6,000 did not materialize. The leading cryptocurrency printed a six-week low of $6,008 on Saturday, before rising to $6,500, where it currently sits.

The corrective rally could be extended further towards $6,850 if the bulls overcome a firm resistance at $6,480, as seen in the chart below.

4-hour chart

As seen in the chart above, BTC is currently working hard to scale the trendline hurdle of $6,480.

A convincing break above the key resistance would validate the bear-to-bull trend change signaled by the bullish relative…

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