BTC is Getting Back up After Declining to Below $6k Levels
BTC has recently noticed severe steady drops from the support level at $6.5k, with the price breaking the largest barrier at $6.2k at the 100 hourly SMA.
Even further, the bears broke the price to below $6k, leading BTC to trade at an even low of $5,846. However, the most recent information shows BTC prices recovering from $5,950 and $6k levels.
BTC dropped mostly from $6,875 to a low of $5,846. Additionally, there was a slow break when the resistance was nearing $6,080 at the hourly chart. Currently, the coin is trading at a $6.2 barrier, which was the most recent support.
As the recovery comes, new barriers are forming from $6.3k, with the most vital resistance standing at $6,350 during the 100 hourly SMA. There is a 50% Fib retracement in decline from $6,875 to the $5,846 level, with the significant resistance starting at $6,360.
There is a possibility of a highly successful break above the resistance levels at $6.3k and $6,350, leading to a further rise shortly. A proper resistance level will form at $6.5k and $6,650.
If the prices fail to recover above the $6.2k and $6.3k barriers, it will result in a worse decline, with the primary support on the decline being $6k and $5,950. The most extensive support is at $5,850, but there could be severe declines in just the short term if the prices fall below that.
The hourly relative strength index of the BTC/USD pair is increasing above the 50 barriers, with the most crucial supports being at $6k and $5,950. The significant resistance is currently going to be between $6.2k and $6,350.