Bitcoin (BTC) Price Defy Gravity With Upsurge, Bulls Purpose With $ 6.5K

• The Bitcoin prize was unnoticed, and it recently broke the $ 6,200 resistance level against the US dollar.
• The price even broke the $ 6,300 level, and it appears that the bulls are now aiming for $ 6,500.
• There is a large bullish trend line formation with support of $ 6,050 on the hourly chart of the BTC / USD pair (data entry from Kraken).
• The pair can find a strong buyer interest if it corrects lower against $ 6,100 or $ 6,000.

Bitcoin price was more than 4% and cleared $ 6,300 against US dollars. BTC stays in a strong streak, and it appears that the bulls are now aiming for a $ 6,400 or even $ 6,500 test.

Bitcoin Price Analysis

This week, the bitcoin price surpassed all obstacles and rallied over $ 6,000 and $ 6,200 against the US dollar. The BTC / USD pair achieved a bullish momentum after it hit $ 6,1[ads1]00 and the 100-hour simple moving average. Recently, a bullish flag pattern with resistance close to $ 6,040 broke on the hourly chart to start a strong upward movement. As a result, the bulls pushed the price over $ 6,250 and $ 6,300 resistance levels. A new 2019 high was formed at $ 6,315 and the prize is likely to expand winnings.

An original support is close to the $ 6,230 level and the 23,6% Fib retracement level in the last rally from $ 5,961 low to $ 6,315 high. If there is a downside extension, the next key support may be $ 6,140. It represents the 50% Fib Claw level of the last collection from $ 5.961 low to $ 6.331 high. More importantly, there is a large bullish trend line that supports $ 6,050 on the BTC / USD pair hour chart. Moreover, the former resistance area is close to $ 6,050 likely to act as a strong buying zone if the price corrects lower.

In addition, the price is now well above the $ 6,000 pivot level and the bullish 100-hour SMA. Therefore, there are chances of more ups over $ 6,300 and $ 6,350 levels. The next major obstacle is near the $ 6400 level, above which the price can go against the $ 60000 level.

Looking at the chart, the bitcoin price gets a bullish speed over $ 6,200 and $ 6,300, with no major bearish signs. In the short term there may be some bearish moves, but dips remain supported near $ 6,200 and $ 6,100 levels. Only a daily down below $ 6,000 and the 100 hour SMA can start a significant downward correction.

Technical Indicators:

Monthly MACD – MACD is currently placed heavily in the bullish zone, with positive signs.

Time RSI (Relative Strength Index) – BTC / USD RSI is currently correcting lower in overbought zone.

Larger support levels – $ 6,200 followed by $ 6,140.

Large Resistance Levels – $ 6,300, $ 6,400 and $ 6,500.