Bitcoin price failed again to continue above $6,880 and $6,965. BTC/USD is currently correcting lower and it could decline towards support at $6,520 or $6,420.
Recently, the bitcoin price started a fresh upward move from the $6,514 swing low. BTC/USD traded above the $6,650 and $6,750 resistance levels, but it failed to climb higher.
Looking at the 1-hour chart, the price failed to climb again above the key hurdles near $6,860 and $6,965. The price is currently correcting lower and trading below the $6,700 level and the 25 simple moving average (1-hour, orange).
The market data is provided by TradingView, Bitfinex.
There was a break below the 50% Fib retracement level of the recent upward move from the $6,514 low to the $6,861 high. Moreover, the bitcoin price is struggling to stay above the $6,650 support and a connecting bullish trend line on the same chart.
The 61.8% Fib retracement level of the recent upward move from the $6,514 low to the $6,861 high is near the $6,650 level to act as a decent support.
If there is a downside break below support at $6,650, there is a risk of sharp decline. In that case, the price could decline towards the $6,520 support level.
Any further losses may perhaps lead the price towards the main $6,420 support area. On the upside, the bulls are facing an uphill task near the $6,880 and $6,965 resistance levels.
If Bitcoin succeeds in gaining strength above the $6,880 and $6,965 resistance levels, there could be a decent increase. The next major resistance is near $7,000, above which the bulls are likely to aim a rally towards the $6,450 level.