Yesterday, BTC price did correct lower and traded below the $6,500 support area. The bears managed to push the price below the 23.6% Fib retracement level of the recent uptrend from the $5,850 low to $6,636 high. Besides, the $6,400 level was also broken. However, the price remained well traded above the 100 hourly simple moving average (SMA).

The bulls seem to be protecting the 100 hourly SMA and the 50% Fib retracement level of the recent uptrend from the $5,850 low to $6,636 high. The price is currently consolidating gains and trading above $6,300.

On the upside, there is likely a bullish trend line forming, with resistance close to $6,420, on the BTC/USD hourly chart. A successful break above the trend line resistance and a further rise above the $6,450 level, could set the pace for high chances of a strong rally.

The next major resistance is close to the $6,600 level, above which the price is likely to rally above $6,640. In the mentioned bullish scenario, the bulls are likely going to test the $7,000 resistance.

On the downside, if BTC fails to clear the trend line resistance and $6,450, it could struggle to stay above the 100 hourly SMA. A bearish break below the 100 hourly SMA and the $6,250 support may perhaps lead to further losses. The next major support is near the $6,000 level, below which the BTC price could likely retest the $5,850 support area in the near term.