Bitcoin price analysis: Could reclaim $6,400, the bulls are not ready to give up control just yet

  • Bitcoin is up more than 1% on a daily basis; short-term resistance target is $6,400.
  • Bitcoin buyers continue to gain more control; for them the only way is up following the declines that took BTC/USD below $6,000.

Bitcoin price has had a wild ride in the last few weeks. The crypto traded above $8,000, came near $8,500 is one of the most spectacular bull rallies this year in July. However, the month of August has witnessed Bitcoin drop mercilessly to the extent of trading below $6,000.

The bear pressure appears to be slowing down allowing buyers to take control again. Brian Kelly, analyst with CNBC yesterday on the Bria’s “Fast Money” segment took time to expound on the current rebound in the market. He alluded the current bounce to the expiry of CBoE-based Bitcoin Futures. The statistic provided by Justin Stanislaw show that Bitcoin has shown tendencies of performing poorly on the days leading to the expiry date of the futures. However, post the expiry date, the crypto witnesses at least a 10% surge. The same was witnessed in April on the expiry of futures where Bitcoin went up 20% in less than 6 days.

In the meantime, Bitcoin price has continued with the bullish trend explored in an earlier analysis published today above $6,300. The price came close to $6,600 yesterday before the trend turned bearish toward $6,200 but formed a low of $6,208. Bitcoin buyers are not ready to give in to selling pressure and at the moment they are battling to retrace above $6,400 short-term resistance.

Significantly, the bulls have their eyes set on $6,500, moreover, the chart outlook is positive. For instance, the stochastic is rising above the oversold. While the moving average gap is narrowing with the 50 SMA moving to cross above the 100 SMA to signaling that the influence of the buyers is rising as well. On the flipside, there are a couple of support areas at $6,300 and the 50% Fib level at $6,274.43. The 50 SMA will also offer support above the next support target at $6,200.

Bitcoin price is likely to continue correcting higher and reclaim $6,400. The key resistance at $6,500 is within reach especially if the $6,400 resistance is cleared.

BTC/USD hourly chart



Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Having dropped BTC/USD below $10,000, will the bears now aim for $9,500?

BTC/USD has fallen from $10,197.35 to $9,617 so far this Wednesday, going below the key $10,000 psychological level. The bears will now aim to take the price below the $9,500, but to do that, they will need to conquer ...

More Bitcoin News

Ripple Price Analysis: Ripple finds support at important Fibonacci level

All the major cryptocurrencies fell on Wednesday in the US session. The price of XRP/USD is down around 6% so far in the session. Support has been found on the trendline which confluences with ...

More Ripple News

Litecoin Price Analysis: LTC/USD falls below SMA 20 following Wednesday’s bloodbath

LTC/USD fell from $77.40 to $70.72 this Wednesday as the bears took full control of the market. The buyers were able to bring back the price up to $71.15 in the early hours of Thursday. Following this Wednesday’s bloodbath ...

More Litecoin News

EOS Price Analysis: EOS/USD dips below the $4.50-level

EOS/USD has dropped sharply from $4.59 to $4.38, going below the $4.50 psychological level in the process. While the price is still hovering above the SMA 50 and SMA 200 curves, the SMA 20 curve ...

More EOS News


Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast