Bitcoin Price Watch: BTC/USD’s Trend Overwhelmingly Bullish
Bitcoin price settled above a key barrier at $6,300 against the US Dollar. It opened the doors for more gains and the BTC/USD pair surged above the $6,380 and $6,600 resistance levels.
The upside move was such that the price even broke the $6,700 resistance. A high was formed at $6,749 and the price is currently correcting lower. On the downside, there are many supports starting with the $6,650 level.
The 23.6% Fib retracement level of the last wave from the $6,318 low to $6,749 high is positioned at $6,648 and is likely to hold declines. Should there be a break below $6,648, the price may perhaps trade towards the $6,600 support.
Looking at the chart, the price clearly settled above $6,600 and the 100 hourly simple moving average. On the upside, a break above the $6,750 high could set the path for a move towards $7,000.