RATE Group | Bitcoin Price Weekly Analysis: BTC/USD Above $6,500 Could Accelerate Gains
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Bitcoin Price Weekly Analysis: BTC/USD Above $6,500 Could Accelerate Gains

21 Oct Bitcoin Price Weekly Analysis: BTC/USD Above $6,500 Could Accelerate Gains

Posted at 10:59h in Bitcoin News by

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Key Points

  • Bitcoin price declined recently and tested the $6,350 support level against the US Dollar.
  • There was a break above a connecting bearish trend line with resistance at $6,410 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is facing a solid resistance near the $6,480 and $6,500 levels.

Bitcoin price is consolidating above the $6,350 support against the US Dollar. BTC/USD must break the $6,500 resistance zone to move into a bullish zone.

Bitcoin Price Analysis

There were more than three attempts to surpass the $6,480 and $6,500 resistances by bitcoin price against the US Dollar. The BTC/USD pair failed to gain momentum above the $6,500 level and later declined. The price traded below the $6,400 support and tested the $6,350 support. During the decline, there was a break below the 61.8% Fib retracement level of the last wave from the $6,150 swing low to $6,825 high.

However, buyers managed to hold losses below the $6,350 support level. There was also no…

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