Bitcoin price analysis: Bounces back above $6,000, still has many resistance to clear
|- BTC manages to bounce back above 6k.
- Claiming next round figure would be a task.
Bitcoin, the largest cryptocurrency by market capitalisation has managed to bounce back above $6,000 to try and stand on its feet after days of consistent sell-offs, but whether it would be able to cross past major hurdles in its way to cross next round figure mark of $7,000, is a tough question to answer.
BTC/USD is up 3 percent on day at $6,387 and has retraced a bit from day's high of $6,500, where it has a stiff resistance on the 480-minute chart drawn from the highs of June.
Even if Bitcoin manages to cross this first resistance of 480-minute chart, there is another one on the daily chart drawn from November lows and now has a strong resistance around $6,700 mark which would be even tougher nut for the largest crypto bulls to crack.
BTC/USD 480-minute chart:
BTC/USD daily chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.