Share this article
Bitcoin Price Looks North After Passing $6.4K Resistance
Having found acceptance above the key hurdle of $6,400, bitcoin's corrective rally looks to be gathering pace.
Updated Sep 13, 2021, 8:22 a.m. Published Sep 13, 2018, 11:00 a.m.
Bitcoin is teasing a decent bullish move, having cleared crucial resistance a few hours ago.
The leading cryptocurrency moved past $6,400 earlier today, signaling that bearish exhaustion – as indicated by Tuesday's spinning bottom candle – is paving way for a corrective rally.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Notably, the positive price action was preceded by a solid defense of the long-term trendline connecting the June low and Aug. 11 low and an upside break of the symmetrical triangle.
As a result, the stage looks set for an upside move. However, caution is still the name of the game, as the bearish moving averages (MAs) could work as hurdles and complicate the recovery.
At press time, BTC is changing hands at $6,450, having clocked a high of $6,490 earlier today, according to Bitfinex data.
Hourly chart
The symmetrical triangle breakout, as seen in the above chart, indicates a bullish reversal, meaning the sell-off from the recent highs above $7,400 has ended and the bulls have regained control.
Further, the 50-hour and 100-hour MAs are beginning to curl up in favor of the bulls. So, while there is a reason to be optimistic here, the downward sloping (bearish) 200-hour MA is warning the bulls against being too ambitious.
Daily chart
Over on the daily chart, the persistent bear failure to penetrate the lower end of the pennant pattern is finally yielding a bullish move. A UTC close today above $6,400 would further cement the short-term bullish case.
However, as of writing, the downward sloping (bearish) 10-day moving average, is putting brakes on the price rally.
View
- The bullish price action on the hourly and daily chart indicates BTC could test the 10-week MA of $6,847 in a day or two.
- The bearish moving averages may slow down the pace of the bullish move, but are unlikely to derail the corrective move higher. Moreover, price action always supersedes lagging indicators like the moving averages.
- A downside break of the pennant pattern seen in the daily chart would revive the bearish view.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Golden compass image via Shutterstock; Charts by Trading View
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
