-Bitcoin news, price, information & analysis Bitcoin price is supported nicely above the $6,500 level against the US Dollar. BTC/USD must clear the $7,500 hurdle for more gains in the near term.
After a major decline, bitcoin price formed a decent support above the $6,500 level against the US Dollar. The price started an upside move and traded above $7,000.
However, the price struggled to gain momentum and declined once again back towards the $6,500 level. The mentioned support holds a lot of importance with multiple rejections around the $6,600 and $6,500 levels.
At the moment, the price is trading near the 23.6% Fib retracement level of the last drop from the $9,220 high to $6,448 low. However, there are many barriers on the upside near the $7,200 and $7,500 levels.
An initial resistance is near the 38.2% Fib retracement level of the last drop from the $9,220 high to $6,448 low. The next one is around the $7,400 level and the 100 simple moving average (4-hours). Read more from newsbtc.com…
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