Bitcoin Technical Analysis: BTC/USD took a big beating from the aggressive bears, as door is left open for further selling pressure

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  • Bitcoin price was hammered during the early hours of Thursday, dropping over 5%.
  • BTC/USD bears have cleared a near-term key demand area, that was minimizing downside, $6500.

 

 

BTC/USD 60-minute chart

 

Spot rate:                 6295.1

Relative change:      – 5.05%

High:                         6630.1

Low:                          6252.0

 

Trend:                       Bearish

 

Support 1:                6160.0, support on 60-minute chart.

Support 2:                6100.0, demand zone.

Support 3:                5800.0, bottom of the buying range, key leve.

Resistance 1:           6230.5, resistance on 60-minute chart.

Resistance 2:           6250.0, supply area.

Resistance 3:           6400-500.0, prior strong demand area, new supply.

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