RATE Group | Bitcoin Price Watch: BTC/USD’s Bounce From Lows Looks Real
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Bitcoin Price Watch: BTC/USD’s Bounce From Lows Looks Real

01 Nov Bitcoin Price Watch: BTC/USD’s Bounce From Lows Looks Real

Posted at 11:00h in Bitcoin News by

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Key Points

  • Bitcoin price declined and retested the $6,200 support before recovering sharply against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $6,275 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price may correct a few points, but it could find support near the $6,290 or $6,245 level.

Bitcoin price is holding gains above $6,290 against the US Dollar. BTC/USD could climb further higher towards the $6,355 and $6,385 resistance levels.

Bitcoin Price Analysis

Yesterday, we discussed chances of more losses below the $6,250 support in bitcoin price against the US Dollar. The BTC/USD pair did move down below the $6,250 and retested the $6,200 support. However, there was a strong buying interest near the $6,200 zone, resulting in a sharp recovery. The price traded as low as $6,205 and later jumped above the $6,290 and $6,300 resistance levels.

The upside move was strong as the price spiked above the $6,355 resistance and the 100…

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