- Bitcoin buyers add gasoline to the fiery trend as the price jumps over 3% on the day.
- BTC/USD sets eyes on $6,500 while $6,600 is within reach in the medium-term.
Bitcoin price is up more than 3% on the day while the ongoing bullish trend means that the largest crypto by market capitalization is poised for more gains. As covered in an earlier published analysis, after Bitcoin broke the trendline support yesterday, declines were triggered below $6,400 and $6,300 support zones. BTC/USD formed a low of $6,247.04 before embarking on another upside roll.
The broken support at $6,300 was limiting the gains at the time of press. However, the buyers entered and corrected higher. Significantly, Bitcoin has cleared the resistance at $6,400 and currently battling to break above the trendline resistance at $6,470. The bulls have their eyes locked on $6,500 in the short-term.
The stochastic is moving fast towards the overbought levels above the 80% mark. In addition, the MACD confirms the bullish trend as seen on the chart as it advances towards the positive territory. Trading above the trendline resistance is bound to allow the buyers to gather the power to attack $6,500. $6,600 is still within reach but first, the resistance at $6,500 must be dealt with.
The 100 simple moving average on the 60-minutes chart will hold the price in the event the trend turns bearish. The former resistance at $6,400 is highlighted as a support as well. To be on the safe side, Bitcoin buyers have to find a support above $6,450.
BTC/USD 60-minutes chart
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