Bitcoin Price Watch: Can BTC/USD Break $6,480-6,550 This Time?

Key PointsBitcoin price declined and tested the $6,200-6,220 support area against the US Dollar.There is a major bearish trend line forming with resistance near $6,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is currently correcting higher, but it could struggle to move past $6,480 and $6,500.Bitcoin price failed to move above $6,600 recently and declined against the US Dollar. BTC/USD is recovering, but it may possibly continue to face sellers near $6,480.Bitcoin Price AnalysisThere was yet another failure near the $6,550 resistance in bitcoin price against the US Dollar. The BTC/USD pair topped at $6,549 and started a downside move. It broke the $6,350 and $6,300 support levels. It traded close to the $6,200 where buyers appeared and defended more losses. A low was formed at $6,222 before the price started an upward move. The price recovered above $6,300 and the 38.2% Fib retracement

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