-Bitcoin news, price, information & analysis Bitcoin price is facing an increased selling pressure below $6,600 against the US Dollar. BTC/USD may decline further if it fails to move above the $6,560 resistance.
Recently, bitcoin price tested the $6,600 and $6,650 resistance levels against the US Dollar. The BTC/USD pair failed to gain momentum above $6,600, which resulted in a downside move.
The price declined and broke a major support at $6,500. During the decline, there were bearish moves formed below the $6,600 level and the 100 hourly simple moving average.
More importantly, yesterday’s highlighted crucial bullish trend line was breached with support at $6,580 on the hourly chart of the BTC/USD pair. The pair declined and tested the $6,450 level.
It is currently consolidating losses above the $6,420-00 support area. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $6,791 high to $6,447 low. Read more from newsbtc.com…
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