{"id":381431,"date":"2019-05-09T06:00:18","date_gmt":"2019-05-09T06:00:18","guid":{"rendered":"https:\/\/uniquehot.com\/?p=381431"},"modified":"2024-06-11T13:39:44","modified_gmt":"2024-06-11T13:39:44","slug":"bitcoin-btc-price-rally-reaching-crucial-juncture","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-rally-reaching-crucial-juncture\/","title":{"rendered":"Bitcoin (BTC) Price Rally Reaching Crucial Juncture: Can Bulls Break $6.2K?"},"content":{"rendered":"<ul>\n<li>Bitcoin price extended gains and traded to a new 2019 high above $6,080 against the US Dollar.<\/li>\n<li>The price surged higher towards the $6,100 level and it is currently consolidating gains.<\/li>\n<li>There was a break above a connecting trend line with resistance at $6,005 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair remains well supported on the downside, but there are many hurdles near $6,100 and $6,200.<\/li>\n<\/ul>\n<p><em>Bitcoin price surging higher with a bullish bias above $6,000 against the US Dollar. BTC could surge towards the $6,200 level before a strong downside correction.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, there was a <a href=\"https:\/\/uniquehot.com\/2019\/05\/08\/bitcoin-btc-price-strong-buy-binance-hack\/\" target=\"_blank\" rel=\"noopener noreferrer \">sharp decline<\/a> in bitcoin price below $5,900 against the US Dollar due to the Binance exchange security breach. The BTC\/USD pair declined below the $5,800 level and the 100 hourly simple moving average. However, the $5,660 level acted as a strong support, resulting in a fresh rise. The price started a strong rise and broke the $5,900 and $5,950 resistance levels. There was even a close above the $5,950 level and the 100 hourly SMA.<\/p>\n<p>During the rise, there was a break above a connecting trend line with resistance at $6,005 on the hourly chart of the BTC\/USD pair. The pair climbed above the $6,050 level and traded to a <a href=\"https:\/\/uniquehot.com\/2019\/05\/07\/bitcoin-btc-price-rally-inflection-point\/\" target=\"_blank\" rel=\"noopener noreferrer \">new 2019 high<\/a> above $6,080. A swing high was formed at $6,096 and the price is currently consolidating gains. An initial support is near $6,020, the broken trend line, and the 23.6% Fib retracement level of the last wave from the $5,810 low to $6,096 high. If there is a break below $6,020 and $6,000, the price may test the $5,950 support zone. It represents a strong support and coincides with the 50% Fib retracement level of the last wave from the $5,810 low to $6,096 high.<\/p>\n<p>If there is a downside extension, the next support is at $5,920. There is also a connecting bullish trend line on the same chart with support near $5,880. Therefore, the price remains well supported on the downside near $6,020, $6,000 and $5,950. On the upside, there are many hurdles for the bulls near $6,100 and $6,200.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-381432\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-8.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-8.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-8.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-8.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-8.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-8.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-8.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-8.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is clearly placed in a strong uptrend above $5,950. Having said that, the price could start a crucial downside correction at any moment or from the $6,100 and $6,200 resistances.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently is gaining pace in the bullish zone, with positive signs.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently in the overbought zone above the 75 level.<\/p>\n<p>Major Support Levels \u2013 $6,000 followed by $5,950.<\/p>\n<p>Major Resistance Levels \u2013 $6,080, $6,100 and $6,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price extended gains and traded to a new 2019 high above $6,080 against the US Dollar. The price surged higher towards the $6,100 level and it is currently consolidating gains. There was a break above a connecting trend line with resistance at $6,005 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair remains well supported on the downside, but there are many hurdles near $6,100 and $6,200. Bitcoin price surging higher with a bullish bias above $6,000 against the US Dollar. BTC could surge towards the $6,200 level before a strong downside correction. Bitcoin Price Analysis Yesterday, there was a sharp decline in bitcoin price below $5,900 against the US Dollar due to the Binance exchange security breach. The BTC\/USD pair declined below the $5,800 level and the 100 hourly simple moving average. However, the $5,660 level acted as a strong support, resulting in a fresh rise. The price started a strong rise and broke the $5,900 and $5,950 resistance levels. There was even a close above the $5,950 level and the 100 hourly SMA. During the rise, there was a break above a connecting trend line with resistance at $6,005 on the hourly chart of the BTC\/USD pair. The pair climbed above the $6,050 level and traded to a new 2019 high above $6,080. A swing high was formed at $6,096 and the price is currently consolidating gains. An initial support is near $6,020, the broken trend line, and the 23.6% Fib retracement level of the last wave from the $5,810 low to $6,096 high. If there is a break below $6,020 and $6,000, the price may test the $5,950 support zone. It represents a strong support and coincides with the 50% Fib retracement level of the last wave from the $5,810 low to $6,096 high. If there is a downside extension, the next support is at $5,920. There is also a connecting bullish trend line on the same chart with support near $5,880. Therefore, the price remains well supported on the downside near $6,020, $6,000 and $5,950. On the upside, there are many hurdles for the bulls near $6,100 and $6,200. Looking at the chart, bitcoin price is clearly placed in a strong uptrend above $5,950. Having said that, the price could start a crucial downside correction at any moment or from the $6,100 and $6,200 resistances. Technical indicators: Hourly MACD \u2013 The MACD is currently is gaining pace in the bullish zone, with positive signs. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently in the overbought zone above the 75 level. Major Support Levels \u2013 $6,000 followed by $5,950. Major Resistance Levels \u2013 $6,080, $6,100 and $6,200.<\/p>\n","protected":false},"author":67,"featured_media":380889,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-381431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Rally Reaching Crucial Juncture: Can Bulls Break $6.2K?<\/title>\n<meta name=\"description\" content=\"Bitcoin price surging higher with a bullish bias above $6,000 against the US Dollar. 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