After bitcoin witness a massive decline last week, it found support around the $4,000 level. The leading crypto quickly started a decent recovery above the $4,500 and $5,000 resistance levels. Later on, the bitcoin price started consolidating in a range above the $5,000 support.

Yesterday, bitcoin gained momentum and rallied above the $5,500 and $5,800 resistance levels. Moreover, the price even surpassed the 23.6% Fib retracement level of the last key decline from the $9,203 high to $3,919 low. Bitcoin is now up by 15% and trading nicely above the $6,000 resistance level.

Notwithstanding, there are a few key hurdles near the $6,400 and $6,500 levels. The 50% Fib retracement level of the recent drop from the $9,203 high to $3,919 low is also near the $6,550 level. Bitcoin is likely to gain a strong selling interest near the $6,400 and $6,500 levels. A successful break above the $6,500 level, could lead the price to recover further towards the $7,000 resistance.

The recent 15% rise could be just another correction in bitcoin. If the fails to gain momentum above the $6,500 resistance, there are chances of a fresh decline. An initial support is seen around the $6,000 level. The major support is now close to the $5,500 level, below which the price could revisit the $5,000 support.

Overall, bitcoin is trading towards a strong resistance near $6,500 and chances are that, it could either continue its rally towards $8,000 or begin a fresh decline towards $5,000.