RATE Group | Bitcoin Price Watch: BTC/USD Recovery Could Be Limited Near $6,315
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Bitcoin Price Watch: BTC/USD Recovery Could Be Limited Near $6,315

12 Oct Bitcoin Price Watch: BTC/USD Recovery Could Be Limited Near $6,315

Posted at 15:24h in Bitcoin News by

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Key Points

  • Bitcoin price formed a support base near $6,110 and recovered higher against the US Dollar.
  • There was a break above a connecting bearish trend line with resistance at $6,195 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair may perhaps correct higher towards $6,300-6,315, but upsides are likely to be capped.

Bitcoin price is slowly recovering above $6,200 against the US Dollar. However, BTC/USD is likely to face a strong resistance near the $6,315 and $6,365 levels.

Bitcoin Price Analysis

Yesterday, there was a sharp downside move below $6,400 in bitcoin price against the US Dollar. The BTC/USD pair even broke the $6,200 support level and settled below the 100 hourly simple moving average. It tested the next important support at $6,100-6,110 and later started consolidating losses. A support base was formed near $6,110 and the price started an upside correction.

It recently traded above the $6,200 resistance to move into a positive zone. There was a break…

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