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Here’s Why Bitcoin’s 15% Rally Could Fail Near The Key $6,500 Barrier

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Bitcoin is up more than 15% and it broke the $6,000 resistance against the US Dollar. However, BTC price is now facing a huge barrier near the $6,400 and $6,500 levels.Bitcoin managed to rise above the $5,800 and $6,000 resistance levels against the US Dollar.The price is up more than 15% and it is now approaching the key $6,500 resistance.There is a major bearish trend line forming with resistance near $8,000 on the daily chart of the BTC/USD pair (data feed from Kraken).The bulls are likely to fail near the key $6,400 and $6,500 resistance levels.Bitcoin Price is Facing Huge BarrierAfter a massive decline, bitcoin found support near the $4,000 level. BTC price started a decent recovery above the $4,500 and $5,000 resistance levels. Later, it started consolidating in a range above the $5,000 support.Recently, it gained pace above the $5,500 and $5,800 resistance levels. The price even surpassed the 23.6% Fib retracement level of the last key decline from the $9,203 high to $3,919 low.It is now trading nicely above the $6,000 resistance level. However, there are a few key barriers near the $6,400 and $6,500 levels (the previous breakdown zone). The 50% Fib retracement level of the last key decline from the $9,203 high to $3,919 low is also near the $6,550 level.Bitcoin bulls are likely to face a strong selling interest near the $6,400 and $6,500 levels. If they succeed in gaining pace above the $6,500 level, the price could recover further towards the $7,000 resistance.Bitcoin PriceBitcoin PriceThere is also a major bearish trend line forming with resistance near $8,000 on the daily chart of the BTC/USD pair. A close above $8,000 is needed for a medium term trend change.Just Another Correction?The recent 15% could be just another correction in bitcoin. If it fails to gain strength above the $6,500 resistance, there are chances of a fresh decline.An initial support is near the $6,000 level (the recent breakout zone). The main support is now near the $5,500 level, below which the bears are likely to aim a test of the $5,000 support.Overall, the price is reaching a huge barrier near $6,500 and it could either continue towards $8,000 or start a fresh decline towards $5,000.Technical indicators:Daily MACD – The MACD is likely to move into the bullish zone.Daily RSI (Relative Strength Index) – The RSI for BTC/USD is now recovering towards the 40 level.Major Support Levels – $6,000 followed by $5,500.Major Resistance Levels – $6,400, $6,500 and $7,000.

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