Bitcoin Price Watch: BTC Set For Further Gains, Downsides Limited

Bitcoin price stayed above the key $3,560 support area, with range moves against the US Dollar. This’s week’s followed bearish trend line is intact with resistance at $3,590 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price could gain bullish momentum if there is a proper close above $3,590 and $3,600.

Bitcoin price is trading nicely in a bullish zone above $3,560 against the US Dollar. BTC is likely to accelerate gains above $3,600 as long as the price stays above the $3,540 support.

Bitcoin Price Analysis

After trading as low as $3,538, bitcoin price moved higher against the US Dollar. The BTC/USD pair broke the $3,560 and $3,575 resistance levels. There was even a spiked above the $3,600 resistance and the 100 hourly simple moving average. However, the price struggled to hold gains above the $3,600 and $3,610 levels. It was rejected near the 61.8% Fib retracement level of the downside move from the $3,660 high to $3,538 low. The price declined below $3,580, but there was a fresh upward move above the $3,600 level. A new intraday high was formed at $3,632 and the price dipped below $3,585.

Sellers pushed the price below