Bitcoin price analysis: Bullish momentum returns, buyers have eyes on $6,500
- Bitcoin bounces off $6,200, spikes above $6,400 as a slightly bullish trend returns to the market.
- A support above $6,400 is vital to the buyers in the short-term, but $6,400 will come in handy.
Bitcoin bullish momentum appears to be coming back to the market. Similarly, the price is up over 2% on the day. However, before the spike, Bitcoin broke the support at $6,300 and dived below the 23.6% Fib level with the last high leg of $6,800.42 and a low of $6,122.65. The downside movement tested the next support at $6,200 before bouncing back up in an engulfing candle.
Bitcoin is currently trading above $6,450, but the trend is still bullish at the time of press. The upside is, however, capped at the 50% Fibonacci retracement level close to $6,462. The bulls have their eyes locked on $6,500 and are not ready to give up control to the bears following the declines that have dominated the market for a few days now.
The moving averages are below the price on the 15-minutes. Significantly, the 50 SMA is moving further up to cross above the 100 SMA. In addition to that, other trend indicators like the stochastic are sending signs of bullish retracement in the short-term. A support above $6,450 will be instrumental to the buyers, although in case of a trend reversal $6,400 will work as another support zone.
BTC/USD 15’ chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
