Bitcoin price surged higher and broke the $6,360 resistance against the US Dollar. BTC/USD spiked above $6,660, but it is still trading near a major inflection point.
- Bitcoin false spiked above the $6,750 level after Tether declined sharply.
- BTC/USD cleared a major bearish trend line with resistance at $6,360 on the 2-hours chart.
- BTC price must settle above a significant resistance zone near $6,460 (the inflection point).
Bitcoin price analysis
There were heavy upsides noted in bitcoin price above the $6,660 level against the US Dollar. BTC/USDT rocketed higher after a sharp sell-off in Tether, which popped BTC/USD above the $6,750 level.
The 2-hour chart indicates that the price even surpassed the $6,780 level and tested the $6,800 level, where it was rejected. It seems like there was a false break above the $6,660 resistance since the price is back trading near a major resistance zone near $6,460 (the inflection point).
During the rise, the price broke the 50% Fib retracement level of the last slide from the $6,661 high to $6,054 low. Moreover, there was a close above the $6,350 resistance and the 100 simple moving average (2-hours).
More importantly, the price cleared a major bearish trend line with resistance at $6,360 on the same chart. Having said that, the spike above the $6,660 seems to be false as the price is yet to settle above the 61.8% Fib retracement level of the last slide from the $6,661 high to $6,054 low.
As long as there is no close above the $6,460 and $6,518 resistance levels, it’s hard to consider the recent break as a bullish signal.
On the downside, the broken trend line as $6,350 and the 100 simple moving average (2-hours) are important supports. If bitcoin price fails to stay above these, there could be a fresh downside towards the $6,200 level in the near term.
Overall, bitcoin buyers need to gain momentum above the $6,460 level to push the price in a bullish zone. Above $6,460 and $6,518, the price may possibly make a real attempt to surpass the $6,660 resistance.