Bitcoin Price Watch: BTC/USD Could Rebound Above $6,500

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Key PointsBitcoin price found support near the $5,970-6,000 area and recovered nicely against the US Dollar.There is a major contracting triangle forming with resistance near $6,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair must break the $6,480 and $6,570 resistance levels to gain upside momentum in the near term.Bitcoin price is showing positive signs above $6,280 against the US Dollar. BTC/USD could soon break the $6,480 and $6,570 resistances to rebound further.Bitcoin Price AnalysisThis past week, we saw heavy declines below $6,550 in bitcoin price against the US Dollar. The BTC/USD pair even broke the $6,000 support, but buyers appeared and protected more declines. A low was formed at $5,794 and the price started an upward correction. The price moved above the $6,200 resistance and traded with bullish moves during the past few hours. It even broke the 23.6% Fib retracement level of the