{"id":381111,"date":"2019-05-07T06:00:36","date_gmt":"2019-05-07T06:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=381111"},"modified":"2024-06-11T13:39:42","modified_gmt":"2024-06-11T13:39:42","slug":"bitcoin-btc-price-rally-inflection-point","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-rally-inflection-point\/","title":{"rendered":"Bitcoin (BTC) Price Rally Reaches Inflection Point: $6.1K and $6.8K Hold Key"},"content":{"rendered":"<ul>\n<li>Bitcoin price rallied another 4% and climbed above $5,850 against the US Dollar.<\/li>\n<li>The price is surging higher, but there are many hurdles near $6,000, $6,070 and $6,100.<\/li>\n<li>There was a break above a crucial bearish trend line at $4,730 on the daily chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could spike above $6,000 or even towards $6,800 before correcting lower sharply.<\/li>\n<\/ul>\n<p><em>Bitcoin price is surging higher towards $6,000 against the US Dollar. BTC could extend gains, but it is facing two important hurdles near $6,100 and $6,800 on the daily chart.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the past few days, there was a <a href=\"https:\/\/wncen.com\/2019\/05\/06\/bitcoin-btc-price-key-support-fresh-rise\/\" target=\"_blank\" rel=\"noopener noreferrer \">steady rise<\/a> in bitcoin price from the $4,000 swing low against the US Dollar. The BTC\/USD pair broke the $4,400 and $4,700 resistance levels to start a strong upward move. There was even a close above the $4,200 resistance and the 100-day simple moving average. The bulls pushed the price above the 50% Fib retracement level of the last major decline from the $6,562 high to $3,115 low.<\/p>\n<p>More importantly, there was a break above a crucial bearish trend line at $4,730 on the daily chart of the BTC\/USD pair. Recently, the pair broke the $5,250 and $5,500 resistance levels to extend gains. It is now trading well above the 76.4% Fib retracement level of the last major decline from the $6,562 high to $3,115 low. These all are positive signs, suggesting more gains above the $5,900 level. However, there are <a href=\"https:\/\/wncen.com\/2019\/05\/05\/bitcoin-btc-price-could-test-6500\/\" target=\"_blank\" rel=\"noopener noreferrer \">many hurdles on the upside<\/a> near the $6,000, $6,070 and $6,100 levels. The $6,070 level was the previous breakdown support and it may now prevent gains.<\/p>\n<p>If there is an upside break above $6,100, there could be an upside extension towards the $6,532 swing high. The main resistance above $6,500 is near the $6,800 level, the main pivot zone of Oct 2018. Therefore, there are chances of a strong bearish reaction from $6,100, $6,500 or $6,800 in the coming days.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-381112\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-7.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-7.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-7.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-7.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-7.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-7.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-7.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-7.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 seems to be gaining pace above the $5,500 and $5,600 levels. Having said that, the bulls are likely to face a strong offer zone near $6,000, $6,070 and $6,100. If there is a successful close above $6,100, the price may climb higher towards $6,500 or even $6,800 before starting a substantial downside correction. On the downside, there are many supports near $5,540, $5,450 and $5,250. Below these, the price may revisit $5,000.<\/p>\n<p>Technical indicators:<\/p>\n<p>Daily MACD \u2013 The MACD is gaining bullish momentum with many positive signs.<\/p>\n<p>Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD climbed above the 70 level and it seems to be heading towards the 80 level.<\/p>\n<p>Monthly Support Levels \u2013 $5,450 followed by $5,250.<\/p>\n<p>Monthly Resistance Levels \u2013 $6,070, $6,500 and $6,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price rallied another 4% and climbed above $5,850 against the US Dollar. The price is surging higher, but there are many hurdles near $6,000, $6,070 and $6,100. There was a break above a crucial bearish trend line at $4,730 on the daily chart of the BTC\/USD pair (data feed from Kraken). The pair could spike above $6,000 or even towards $6,800 before correcting lower sharply. Bitcoin price is surging higher towards $6,000 against the US Dollar. BTC could extend gains, but it is facing two important hurdles near $6,100 and $6,800 on the daily chart. Bitcoin Price Analysis In the past few days, there was a steady rise in bitcoin price from the $4,000 swing low against the US Dollar. The BTC\/USD pair broke the $4,400 and $4,700 resistance levels to start a strong upward move. There was even a close above the $4,200 resistance and the 100-day simple moving average. The bulls pushed the price above the 50% Fib retracement level of the last major decline from the $6,562 high to $3,115 low. More importantly, there was a break above a crucial bearish trend line at $4,730 on the daily chart of the BTC\/USD pair. Recently, the pair broke the $5,250 and $5,500 resistance levels to extend gains. It is now trading well above the 76.4% Fib retracement level of the last major decline from the $6,562 high to $3,115 low. These all are positive signs, suggesting more gains above the $5,900 level. However, there are many hurdles on the upside near the $6,000, $6,070 and $6,100 levels. The $6,070 level was the previous breakdown support and it may now prevent gains. If there is an upside break above $6,100, there could be an upside extension towards the $6,532 swing high. The main resistance above $6,500 is near the $6,800 level, the main pivot zone of Oct 2018. Therefore, there are chances of a strong bearish reaction from $6,100, $6,500 or $6,800 in the coming days. Looking at the chart, bitcoin price seems to be gaining pace above the $5,500 and $5,600 levels. Having said that, the bulls are likely to face a strong offer zone near $6,000, $6,070 and $6,100. If there is a successful close above $6,100, the price may climb higher towards $6,500 or even $6,800 before starting a substantial downside correction. On the downside, there are many supports near $5,540, $5,450 and $5,250. Below these, the price may revisit $5,000. Technical indicators: Daily MACD \u2013 The MACD is gaining bullish momentum with many positive signs. Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD climbed above the 70 level and it seems to be heading towards the 80 level. Monthly Support Levels \u2013 $5,450 followed by $5,250. Monthly Resistance Levels \u2013 $6,070, $6,500 and $6,800.<\/p>\n","protected":false},"author":67,"featured_media":379431,"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-381111","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 Reaches Inflection Point: $6.1K and $6.8K Hold Key<\/title>\n<meta name=\"description\" content=\"Bitcoin price is surging higher towards $6,000 against the US Dollar. 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