RATE Group | Here’s Why Bitcoin’s 15% Rally Could Fail Near The Key $6,500 Barrier
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Here’s Why Bitcoin’s 15% Rally Could Fail Near The Key $6,500 Barrier

20 Mar Here’s Why Bitcoin’s 15% Rally Could Fail Near The Key $6,500 Barrier

Posted at 05:47h in Bitcoin News by

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Bitcoin is up more than 15% and it broke the $6,000 resistance against the US Dollar. However, BTC price is now facing a huge barrier near the $6,400 and $6,500 levels.

  • Bitcoin managed to rise above the $5,800 and $6,000 resistance levels against the US Dollar.
  • The price is up more than 15% and it is now approaching the key $6,500 resistance.
  • There is a major bearish trend line forming with resistance near $8,000 on the daily chart of the BTC/USD pair (data feed from Kraken).
  • The bulls are likely to fail near the key $6,400 and $6,500 resistance levels.

Bitcoin Price is Facing Huge Barrier

After a massive decline, bitcoin found support near the $4,000 level. BTC price started a decent recovery above the $4,500 and $5,000 resistance levels. Later, it started consolidating in a range above the $5,000 support.

Recently, it gained pace above the $5,500 and $5,800 resistance levels. The price even surpassed the 23.6% Fib retracement level of the last key decline from the $9,203 high to $3,919…

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