Bitcoin Price Watch: BTC/USD Hesitates, But Further Gains Possible

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Key PointsBitcoin price corrected higher and moved above the $6,350 resistance against the US Dollar.There is a key ascending channel forming with support at $6,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is facing a couple of important resistances near the $6,630 and $6,680 levels.Bitcoin price is slowly rebounding from $6,200 against the US Dollar. BTC/USD must clear the $6,680 resistance and the 100 hourly SMA to gain bullish momentum.Bitcoin Price AnalysisYesterday, we discussed bitcoin price could rebound further from the $6,100 support against the US Dollar. The BTC/USD pair did move higher and broke the $6,350 and $6,550 resistance levels. The move was positive since the price broke the 38.2% Fib retracement level of the last drop from the $7,160 swing high to $6,100 swing low. However, the upside move faced a strong resistance near the $6,630 level.It seems like the 50% Fib