Bitcoin price analysis: BTC/USD sits tight above $6,500 unable to sustain growth above $6,600

Bitcoin had broken below the ascending channel support as discussed in the analysis yesterday. However, the largest cryptocurrency by market capitalization did not stay down for long. The bulls pushed for a retracement above the lower trendline. Similarly, the price came close to $6,600 stalled leading to slight intraday losses (0.21%).

The trading at the moment depends on demand and supply. Japan announced the tightening of regulations to reduce hack attacks on September 31. The U.S and the European regulatory authorities have been silent for a couple of weeks now. In India, the status quo is still delicate due to the ban of banking support to crypto entities. However, exchanges have found a way to survive and thrive using peer-to-peer platforms.

In the meantime, Bitcoin is trading at $6.556 after correcting lower from the intraday highs of $6,590. The immediate resistance is felt at the 38.2% Fib level with the last swing high of $7.383.99 and a swing low of $6,108.15 close to $6,600. The month-long descending trendline is limiting gains above slightly above $6,600. BTC/USD must battle to overcome this trendline hurdle for a correction to $6,700 and $6,800. At press time, the trend on the chart is generally bullish but the buyers lack buying power to sustain growth above $6,600.