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Bitcoin Near Key Fib Extension Resistance, Can Bulls Spark A New Rally?

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Bitcoin is up more than 10% and it broke the key $6,400 resistance against the US Dollar. BTC price is now trading near the $6,650 resistance, above which it could surge to $7,000.Bitcoin is gaining traction and it recently climbed back above $6,200 against the US Dollar.The price is now trading above the $6,400 level, but struggling to clear the $6,650 resistance.Yesterday’s major contracting triangle was breached with resistance near $6,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is likely to continue higher if it clears the $6,600 and $6,650 resistance levels.Bitcoin Up 10%After forming a support base near the $5,800 level, bitcoin started a fresh increase against the US Dollar. BTC price remained well bid and it recently climbed above the $6,000 resistance area.The upward move was convincing as yesterday’s major contracting triangle was breached with resistance near $6,000 on the hourly chart of the BTC/USD pair. The pair even climbed above the $6,400 resistance and the 100 hourly simple moving average.Bitcoin PriceBitcoin PriceThere was a clear break above the 76.4% Fib retracement level of the recent decline from the $6,471 high to $5,694 low. It opened the doors for more upsides the $6,500 resistance and the $6,471 swing high.Bitcoin tested the 1.236 Fib extension level of the recent decline from the $6,471 high to $5,694 low. It seems like the bears are defending the key Fib extension resistance near $6,650.If there is an upside break above the $6,650 resistance, the price could continue to rise towards the $6,952 and $7,000 resistance levels. Any further gains is likely to set the pace for a sharp rise towards $7,500.Another Rejection?If bitcoin fails to clear the $6,650 resistance level, it could start a fresh decline. An initial support is near the $6,450 level. The first major support is near the $6,200 level and the 100 hourly simple moving average.If there is a downside break below the 100 hourly SMA, there is a risk of a bearish extension towards the $6,085 level. Any further losses may perhaps lead the price towards the $6,000 and $5,800 support levels in the near term.Technical indicators:Hourly MACD – The MACD is slowly losing momentum in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower from the 65 level.Major Support Levels – $6,200 followed by $6,000.Major Resistance Levels – $6,650, $6,950 and $7,000.

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