Bitcoin price analysis: BTC/USD rally stalls short of $6,000; slides into a bull flag pattern

Bitcoin has been grinding closer to $6,000 over the last one month. The trading today was almost making the prediction that the largest asset will hit $6,000 level before June true. The trend last week was bullish but hit a snag around $5,840. The declines that followed send Bitcoin below $5,600. Luckily, the buyers increased their entries barricading $5,550 level on Monday in turn causing a rebound above EMA200 as well the 100 SMA 15-minutes.

This move sparked fresh bullish interest in the market as the price sprung up above $5,700. The struggled at $5,700 delayed the breakout but the price remain supported above both the 100 SMA and 200EMA. Bitcoin resumed the uptrend with an initial engulfing candle on Tuesday (Asian session). Bitcoin buyers pulled the price formidably above $5,900. Although focus was on $6,000 Bitcoin hit new 2019 highs at $5,963.85 before it retracted to forming a bullish flag pattern that is currently supported at $5,850.

Presently, Bitcoin is exchanging hands at $5,864.99 amid the growing bearish pressure. For another reversal, Bitcoin must rise above the bull flag pattern and established support past $5,900. Meanwhile, we can expect the price to keep trading sideways above $5,850 in the coming sessions owing to sideways trending RSI and the MACD which is likely to hold above the mean line as well.

BTC/USD 15’ chart