Bitcoin Price Analysis: BTC/USD eyes a fall to $5,000 before soaring above $6,000

• Bitcoin price retreats from $5,475 (intraday high) amid bearish calls to test $5,000 level.
• A rising triangle pattern suggests than a breakout to $5,000 is imminent but could be what BTC/USD needs to climb above $6,000.

Spot rate: $5,314

Relative change: -98

Percentage change: -1.66%

Trend: Bearish 

Volatility: Expanding 

BTC/USD daily chart

Bitcoin price is extending stability for the third day in a row. Movements north continue to hit a wall at $5,500. On the downside $5,300 if providing immediate support.

Despite the stability and consolidation, a rising triangle hints that a breakdown is looming and is likely to force BTC/USD towards $5,000. The retreat to levels between $4,800 and $5,000 is likely to create more demand for BTC thereby improving BTC/USD technical and fundamental levels; which are the foundation of a sustainable rally above $6,000.

BTC/USD 1-hour chart

The RSI shows that the buyers have an upper hand. Although movement north is gradual, the RSI has stayed above 50 (the average) in the last 48 hours. Moreover, BTC/USD is trading above the moving averages whereby both the 50 SMA and the 100 SMA currently provide support. Bitcoin price is safe as long as it stays above $5,300 support but if this support is broken, it would be a miracle to stop the losses at $5,000.

Bitcoin price key levels

Resistance one: $5,398 – Previous high 1-hour, Fibonacci 23.6% daily and Bollinger Band 15-mins middle curve.

Resistance two: $5,730 – Pivot point one-month support three and pivot point one-day resistance two.

Support one: $5,287 – Previous low 1-hour chart, BB 15-mins lower curve and SMA 100 15-mins.

Support two: $5,121 – Fibonacci 23.6% one-week.