{"id":405376,"date":"2019-11-25T06:00:33","date_gmt":"2019-11-25T06:00:33","guid":{"rendered":"https:\/\/uniquehot.com\/?p=405376"},"modified":"2024-06-11T12:50:33","modified_gmt":"2024-06-11T12:50:33","slug":"bitcoin-btc-price-nears-possible-short-term-bottom-at-6-5k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-nears-possible-short-term-bottom-at-6-5k\/","title":{"rendered":"Bitcoin (BTC) Price Nears Possible Short Term Bottom At $6.5K"},"content":{"rendered":"<ul>\n<li>Bitcoin price is declining and approaching the next bearish target of $6,500 against the US Dollar.<\/li>\n<li>The price is down close to 10% and it seems like the bears are targeting $6,500 or $6,400.<\/li>\n<li>There is a new connecting bearish trend line forming with resistance near $7,010 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The bulls are likely to take a stand near the main $6,500 support (the medium term outlook bearish target).<\/li>\n<\/ul>\n<p><em>Bitcoin price is approaching the key $6,500 support area against the US Dollar. There are high chances of BTC finding bids near $6,500 and starting an upside correction.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>This past week, we discussed the <a href=\"https:\/\/uniquehot.com\/2019\/11\/22\/bitcoin-btc-reaches-crucial-support-at-7-4k-larger-decline-in-play\/\" target=\"_blank\" rel=\"noopener noreferrer \">chances of more downsides below $7,500<\/a> in bitcoin price against the US Dollar. BTC did decline and broke the first key bearish target near the $7,000 level.<\/p>\n<p>Moreover, the price broke the $6,800 support zone and settled well below the 100 hourly simple moving average. It opened the doors for more losses below $6,700 and the price traded as low as $6,575 (close to the <a href=\"https:\/\/uniquehot.com\/2019\/11\/24\/bitcoin-weekly-forecast-btc-aiming-key-6-5k-support\/\" target=\"_blank\" rel=\"noopener noreferrer \">main bearish target of $6,500<\/a> as discussed in the last medium term outlook).<\/p>\n<p>At the moment, the price is consolidating losses above $6,600. Besides, it is testing the 23.6% Fib retracement level of the recent downward move from the $7,279 high to $6,575 low.<\/p>\n<p>On the upsides, there are many resistances near the $6,880, $6,900 and $6,930 levels. The first major resistance is near the $6,930 level since it is close to the 50% Fib retracement level of the recent downward move from the $7,279 high to $6,575 low.<\/p>\n<p>Additionally, there is a new connecting bearish trend line forming with resistance near $7,010 on the hourly chart of the BTC\/USD pair. Therefore, bitcoin price needs to climb above the $6,930 and $7,000 resistance levels to start a decent recovery.<\/p>\n<p>The next major resistance is near the $7,360 level and the 100 hourly simple moving average. Conversely, the price may perhaps continue to move down below $6,600.<\/p>\n<p>The main support is near the $6,500 level, where the bulls are likely to put up a strong fight. Any further losses could decrease the chances of a short term correction and the price might decline towards $6,400 or $6,200.<\/p>\n<figure id=\"attachment_405377\" aria-describedby=\"caption-attachment-405377\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-26.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-405377\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-26.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-26.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-26.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-26.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-26.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-26.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-26.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-26.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-405377\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\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 struggling to correct above $6,800. Thus, there remains a risk of another slide or spike towards $6,500 and $6,400 before an upside correction.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently moving further into the bearish zone.<\/p>\n<p>Major Support Levels \u2013 $6,500 followed by $6,400.<\/p>\n<p>Major Resistance Levels \u2013 $6,880, $6,920 and $7,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is declining and approaching the next bearish target of $6,500 against the US Dollar. The price is down close to 10% and it seems like the bears are targeting $6,500 or $6,400. There is a new connecting bearish trend line forming with resistance near $7,010 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The bulls are likely to take a stand near the main $6,500 support (the medium term outlook bearish target). Bitcoin price is approaching the key $6,500 support area against the US Dollar. There are high chances of BTC finding bids near $6,500 and starting an upside correction. Bitcoin Price Analysis This past week, we discussed the chances of more downsides below $7,500 in bitcoin price against the US Dollar. BTC did decline and broke the first key bearish target near the $7,000 level. Moreover, the price broke the $6,800 support zone and settled well below the 100 hourly simple moving average. It opened the doors for more losses below $6,700 and the price traded as low as $6,575 (close to the main bearish target of $6,500 as discussed in the last medium term outlook). At the moment, the price is consolidating losses above $6,600. Besides, it is testing the 23.6% Fib retracement level of the recent downward move from the $7,279 high to $6,575 low. On the upsides, there are many resistances near the $6,880, $6,900 and $6,930 levels. The first major resistance is near the $6,930 level since it is close to the 50% Fib retracement level of the recent downward move from the $7,279 high to $6,575 low. Additionally, there is a new connecting bearish trend line forming with resistance near $7,010 on the hourly chart of the BTC\/USD pair. Therefore, bitcoin price needs to climb above the $6,930 and $7,000 resistance levels to start a decent recovery. The next major resistance is near the $7,360 level and the 100 hourly simple moving average. Conversely, the price may perhaps continue to move down below $6,600. The main support is near the $6,500 level, where the bulls are likely to put up a strong fight. Any further losses could decrease the chances of a short term correction and the price might decline towards $6,400 or $6,200. Looking at the chart, bitcoin price is clearly struggling to correct above $6,800. Thus, there remains a risk of another slide or spike towards $6,500 and $6,400 before an upside correction. Technical indicators: Hourly MACD \u2013 The MACD is currently gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently moving further into the bearish zone. Major Support Levels \u2013 $6,500 followed by $6,400. Major Resistance Levels \u2013 $6,880, $6,920 and $7,000.<\/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-405376","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 Nears Possible Short Term Bottom At $6.5K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is approaching the key $6,500 support area against the US Dollar. 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