Bitcoin Price Watch: What Does BTC/USD’s Failure Near $6,600 Indicate?

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Key PointsBitcoin price jumped above the $6,400 and $6,550 resistance levels, but failed to hold gains against the US Dollar.There is a major bullish trend line in place with support at $6,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair clearly made a failed attempt to break the $6,550 and $6,600 resistance levels, and declined.Bitcoin price gained momentum above $6,400, but it was unsuccessful near $6,650 against the US Dollar. BTC/USD trimmed all yesterday’s gains and settled below $6,400.Bitcoin Price AnalysisYesterday, we discussed positive moves above $6,350 in bitcoin price against the US Dollar. The BTC/USD pair did trade higher, broke the $6,400 and $6,550 resistance levels, but it failed to retain gains. There was a failure near the last swing high at $6,640-50. The price was rejected and it seems like it was an unsuccessful attempt to break the $6,550 resistance. A fresh bearish