There were heavy gains in bitcoin price above the $5,500 pivot and resistance level against the US Dollar.The price rallied above the $5,700 and $5,800 resistance before there was a minor downside correction.There is a key connecting bullish trend line in place with support at $5,610 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair is currently in a strong uptrend and it could trade towards the main $6,500 resistance level.Bitcoin price gained significantly above the $5,600 level against the US Dollar. BTC is likely to break the $6,000 and $6,250 levels before it could start a substantial downside correction.Bitcoin Price Weekly Analysis (BTC)This past week, there was a significant Upword Move in bitcoin price above the $5,380 and $5,400 resistances against the US Dollar. The BTC/USD pair broke the $5,500 pivot and resistance level to move into a bullish zone.
The price is still trading below the last swing high and resistance near $5,820-5,840. A convincing break above the $5,820-5,840 zone is likely to set the pace for more upsides above $6,000. The price could even break the $6,250 level and trade towards the main hurdles at $6,400 and $6,500. It won’t be easy for the bulls to clear the $6,500 level since it is a major pivot zone and previous support area. Therefore, there are high chances of a major downside correction if the price test $6,400 or $6,500.