RATE Group | Bitcoin Price Watch: BTC/USD Could Dip and Rip Above $6,520
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Bitcoin Price Watch: BTC/USD Could Dip and Rip Above $6,520

17 Oct Bitcoin Price Watch: BTC/USD Could Dip and Rip Above $6,520

Posted at 16:27h in Bitcoin News by

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Key Points

  • Bitcoin price is consolidating below the $6,520 resistance level against the US Dollar.
  • Yesterday’s highlighted key ascending channel is active with support at $6,430 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could decline a few points towards $6,400 or $6,380 before it climbs higher.

Bitcoin price is currently trading in a range above $6,400 against the US Dollar. BTC/USD must break $6,520 to accelerate gains in the near term.

Bitcoin Price Analysis

During the past few sessions, there was hardly any action above $6,500 in bitcoin price against the US Dollar. The BTC/USD pair consolidated below the $6,500 and $6,520 resistance levels. Earlier, a low was formed at $6,349 before the price corrected higher. It traded above the $6,460 level, but it struggled to clear the $6,500 and $6,520 resistance levels.  Moreover, there was no close above the 23.6% Fib retracement level of the last slide from the $6,830 swing high to $6,349 low.

At the…

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