RATE Group | Bitcoin Price Watch: BTC/USD Rebounds After Dipping To $6,100
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Bitcoin Price Watch: BTC/USD Rebounds After Dipping To $6,100

09 Aug Bitcoin Price Watch: BTC/USD Rebounds After Dipping To $6,100

Posted at 10:34h in Bitcoin News by

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Key Points

  • Bitcoin price declined further and traded below the $6,200 support level against the US Dollar.
  • There is a short-term connecting bearish trend line in place with resistance near $6,380-6,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently rebounding but it is likely to face many hurdles near $6,450 and $6,510.

Bitcoin price extended losses below $6,200 against the US Dollar. BTC/USD traded towards $6,100 and is currently rebounding on the road to the $6,510 resistance.

Bitcoin Price Analysis

There was no recovery in bitcoin price yesterday above the $6,600 level against the US Dollar. The BTC/USD pair extended losses and broke the $6,400 and $6,300 support levels. It traded close to the $6,100 level and formed a low at $6,106. Later, buyers took a stand the price started an upward move. It corrected above the $6,200 and $6,250 levels to set the pace for a decent recovery.

At the moment, the price is trading near a key hurdle at $6,400. The…

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