Bitcoin price survives weekend above $6,000 level

Although bitcoin was expected to dip below the $6,000 level over the weekend, it did not do so. A recent CoinDesk article argues that this paves the way for a corrective rally over $6,480.

On Friday the price had dropped below $6,240 creating the possibility of a drop back to the June low of $5,755. Bitcoin also had closed below Thursday’s low of $6,183 on Friday also showing a continuation of a sell-off from the July 25 high of $8,507.

However, no break below $6,000 happened although it came close with a six-week low of $6,000 but then rose all the way to $6,500. At 11:00 when the CoinDesk article went to press the price had dropped somewhat to $6,450.

Chart analysis

The corrective rally could be further extended on towards $6,850 if the solid resistance at $6,480 is overcome as shown on the 4-hour chart. The price of BTC is working hard to overcome the trendline hurdle at the $6,480 mark. A convincing break above this level would confirm a break…