Bitcoin Price Analysis: BTC/USD Gaining Momentum Above $6,300

Bitcoin price recovered nicely after testing the $6,190-6,200 support area against the US Dollar. BTC/USD is now trading nicely above $6,300 and it could test the $6,410 resistance.

Important points

• Bitcoin jumped back after testing the $6,200 support zone.
• BTC/USD could face resistance near a bearish trend line at $6,520 on the 2-hours chart.
• BTC price cleared a short-term channel with resistance at $6,320 on the same chart.

Bitcoin price analysis

Bitcoin price dropped heavily recently after it broke the $6,450 support area against the US Dollar. BTC/USD declined below the $6,320 support and tested the next major support area near the $6,190-6,200 zone.

The 2-hours chart of BTC price found a strong buying interest above the $6,200 level and recovered heavily. The price gained traction and moved above the 23.6% Fib retracement level of the last decline from the $6,536 high to $6,202 low.

More importantly, bitcoin buyers were able to clear a short-term channel with resistance at $6,320. It opened the gates for more gains and the price is now approaching the next resistance at $6,369.

The $6,369 level is the 50% Fib retracement level of the last decline from the $6,536 high to $6,202 low. If the price breaks the $6,370 zone, there could be more gains towards the $6,400 zone where sellers could emerge since it is the 61.8% Fib retracement level of the last decline.

Moreover, the 100 simple moving average (2-hours) is also positioned near the $6,400 zone. Therefore, if the price continues to move higher, it could face sellers near the $6,400-6,410 region.

On the other hand, if there is a downside correction, the price may find support near the broken resistance near $6,320 and $6,300. Below these, the next major support is near the $6,240, which is the broken channel lower trend line.

Overall, bitcoin price is recovering nicely and if buyers succeeded in surpassing the $6,400-6,410 hurdle, there may perhaps be more upsides towards the $6,500 level in the short term. Above $6,500, the price could face resistance near a bearish trend line at $6,520 on the same chart.