Bitcoin Price Analysis: BTC/USD Rebounds As Sellers Take a Step Back

Bitcoin price is positioned above the $6,320 support against the US Dollar. BTC/USD is rebounding and it seems like sellers are retreating slowly as buyers take the stage.

Important points

• Bitcoin rebounded and managed to settle above the $6,320 support zone. 
• BTC/USD is attempting a close above a connecting bearish trend line with resistance at $6,475 on the 30-minute chart. 
• BTC price may perhaps dip a few points, but it could make an attempt to test the $6,708 resistance.

Bitcoin Price Analysis

The past two sessions were mostly positive as bitcoin price succeeded in settling above the $6,320 support area. BTC/USD climbed higher above the $6,600 level and topped at $6,630.

The 30-minute chart of BTC/USD indicates that the price formed a short-term top at $6,630 and corrected lower. It declined, but the $6,300-6,320 support area prevented losses.

More importantly, a bullish trend line with current support at $6,320 acted as a decent buy zone. The price bounced back and moved above the 50% Fibonacci retracement level of the last slide from the $6,630 swing high to $6,300 low.

There was also a close above $6,450 and the 100 SMA (30-minute), opening the doors for more gains. At the moment, BTC price is attempting a close above a connecting bearish trend line with resistance at $6,475.

Should there be a close above the trend line and the $6,504 resistance, the price may perhaps accelerate gains in the near term. The next stop could be $6,552 and the 76.4% Fibonacci retracement level of the last slide from the $6,630 swing high to $6,300 low.

Above $6,552, the price is likely to break the $6,630 high and test the 1.236 Fib extension level of the last slide from the $6,630 swing high to $6,300 low at $6,708. Above this, there is a crucial resistance waiting near the $6,830 and $6,880 levels.

If there is a dip from the current levels, the 100 SMA and the $6,380 level could act as supports. Below these, the trend line and the $6,320 support possibly will act as barriers for sellers.

Overall, traders might look for an upward move as long as bitcoin price is above the $6,300-6,320 support zone.