Bitcoin Price Watch: BTC/USD’s Rebound Above $6,350 is Real?

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Key PointsBitcoin price recovered nicely after trading as low as $5,894 and moved above $6,200 against the US Dollar.There is a new connecting bullish trend line forming with support at $6,180 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could revisit the $6,550 resistance zone as long as it is above the $6,150 level.Bitcoin price rebounded more than $300 from lows against the US Dollar. However, BTC/USD is facing many resistances near $6,450 and $6,550.Bitcoin Price AnalysisRecently, we saw a downside push in bitcoin price below the $6,000 support against the US Dollar. The BTC/USD pair traded to a new monthly low at $5,894 and later it started an upward correction. Tt recovered nicely and moved above the $6,200 resistance zone. The price even broke the 50% Fib retracement level of the last key downside move from the $6,550 swing high to $5,900 swing low.It