Bitcoin price analysis: BTC/USD engages thrust boosters; breaks $6,500 resistance as bullish momentum is ushered in
|- Bitcoin rises more than 2% on the day, it’s a welcome breather to the market.
- Technical indicators show that the bullish trend will continue in the short-term; while a support above $6,500 is essential.
Bitcoin price has jumped over 2% on Monday, besides it has cleared the resistance sighted at $6,400 and $6,500 respectively. The price appears to be unstoppable while the buyers are looking forward to $6,600 in the short-term. The trend is highly bullish, similarly, the gap between the moving averages on the one hour chart is closing in to show that recovery is underway.
The bullish trend has also come out of the trendline resistance. Moreover, BTC/USD has broken out of the contracting triangle. The buyers must battle for a support above $5,500 in the short-term to ensure that declines below $6,500 are kept at bay in case of a trend reversal.
The MACD momentum indicator is moving further into the positive levels to show that the Bulls have the control. Furthermore, the stochastic and the RSI are moving towards the overbought regions to confirm the bullish trend. The sharp recovery movement has come unexpectedly; however, it is a breather for the battered buyers who have been struggling to detangle from the bear pressure since last week.
The reason behind the current surge had not been determined at the time of press, however, we will keep you informed.
BTC/USD 1-hour chart
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