RATE Group | Bitcoin Price Weekly Analysis: BTC/USD Buyers Losing Momentum Above $6,600
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Bitcoin Price Weekly Analysis: BTC/USD Buyers Losing Momentum Above $6,600

07 Oct Bitcoin Price Weekly Analysis: BTC/USD Buyers Losing Momentum Above $6,600

Posted at 07:15h in Bitcoin News by

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Key Points

  • Bitcoin price formed a decent support near the $6,400 level against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $6,540 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is struggling to gain momentum above the $6,600 and $6,650 resistance levels.

Bitcoin price is trading with a positive bias above $6,400 against the US Dollar. BTC/USD must break the $6,650 resistance to gain upside momentum.

Bitcoin Price Analysis

This past week, bitcoin price found a strong buying interest above the $6,400 level against the US Dollar. The BTC/USD pair started an upside move and traded above the $6,480 resistance level. Buyers also surpassed the price above the 23.6% Fib retracement level of the last decline from the $6,800 high to $6,399 low. It opened the doors for more gains and the price spiked above the $6,600 level.

Moreover, there was a break above a major bearish trend line with resistance at $6,540 on the 4-hours chart…

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