- Bitcoin price is making attempts to break above the 61.8% Fibonacci level.
- The intraday lows at $6,030 are still within reach in the short-term.
Bitcoin price has been swimming in rough waters lately. Following the drop that took it below $6,000, the buyers gathered momentum at the beginning of the week but the upside has been capped below the key resistance area at $6,320 close to the 38.2% Fib retracement level with the last high leg of $6,671 and a low of $5,777. BTC/USD is still drowning in the selling pressure and has broken below the support from the bullish flag pattern covered in yesterday’s Bitcoin price analysis.
At the moment, Bitcoin price has a bullish momentum testing the short-term resistance at the 61.8% Fib retracement level with previous swing high of $6,671 and a low of $5,777.The 100 SMA will also limit the gains at $6,130. The next target on the upside is at $6,200 (upper current supply zone).
On the downside, an immediate support is highlighted at $6,080, besides the bullish trendline will stop the declines above $6,040. The lows at $6,030 are still within reach in the short-term. However, the major support level at $5,880 will be vital in stopping further declines towards demand area at $5,777.
BTC/USD 15′ chart 
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