Bitcoin Price Move Past $6.5K Would Boost Upside Potential

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Against expectations, bitcoin (BTC) defended support at $6,000 over the weekend, opening the doors for a stronger corrective rally above $6,480. Friday’s drop below $6,240 (bear flag breakdown) had created room for a drop to the June low of $5,755. Further, BTC closed below Thursday’s low of $6,183 on Friday, signaling a continuation of the sell-off from the July 25 high of $8,507. However, while the odds were stacked in favor of the bears, a break below $6,000 did not materialize. But it was close: the leading cryptocurrency printed a six-week low of $6,008 on Saturday, before rising to $6,500. At press time, price had moved a little lower to $6,450. Looking ahead, the corrective rally could be extended further towards $6,850 if the bulls can overcome solid-looking resistance at $6,480, as seen in the chart below. 4-hour chart On the 4-hour chart, BTC is currently working hard to