Bitcoin Price Analysis: BTC/USD eyes $6,500 if $7,000 fails to hold
|- The bearish flag pattern support breach impact is still in play and limits recovery.
- Bitcoin reclaims the ground above $7,200 but must break the channel resistance to forged ahead.
Bitcoin is slightly bullish on Thursday during the Asian session. However, low volatility, low volume and poor fundamentals will continue to lag recovery. BTC is trading 0.30% high on the day after extending the bullish leg from an opening value of $7,196 to the current $$7,217. Moreover, an intraday low has been established at $7,173 in relation to an intraday high at $7,242.
In the meantime, declines continue within a falling channel. The channel support was breached last week but BTC reclaimed the ground within the channel. On the other hand, the channel resistance is still limiting movement.
A short-term bearish flag pattern formed from the recent lows at $6,530 gave up its support amind the correction from the failed attempt to correct above $8,000. Bitcoin reignited the lows towards $7,000. However, high buyer congestion has seen the price bounce back above $7,200.
The RSI is pointing downwards in a bid to show that the sellers have the control and influence over the next direction BTC will take. Defending $7,000 support could also cement the bulls’ presence and gather support for recovery heading towards $8,000.
BTC/USD 4-hour chart
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