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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Bitcoin Price Analysis – BTC/USD Holding Uptrend Support

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 7:42 am
2 mins read
Bitcoin Price Technical Analysis BTC USD

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Key Points

  • Bitcoin price rocketed higher and broke the $7000 handle against the US Dollar.
  • Yesterday’s highlighted bullish trend line with current support at $6930 is intact on the hourly chart of the BTC/USD pair (data feed from SimpleFX).
  • The pair might continue to move higher as long as it is above $6900.

Bitcoin price surged higher above $7000 against the US Dollar. BTC/USD is holding an important support above $6900 and eyes more gains.

Bitcoin Price Support

Yesterday, we saw discussed the chances of a spike above the $7000 level in bitcoin price against the US Dollar. The price rocketed higher and easily broke the $7000 handle to form yet another all-time higher. It even broke the $7200 and $7300 levels and posted a high at $7333. Later, a correction wave was initiated and the price moved below the $7200 level. Sellers succeeded in breaking the 38.3% Fib retracement level of the last move up from the $6280 low to $6333 high.

However, the downside move was limited by the $6800 support. The best part was the fact that yesterday’s highlighted bullish trend line with current support at $6930 protected losses on the hourly chart of the BTC/USD pair. Moreover, the 50% Fib retracement level of the last move up from the $6280 low to $6333 high stopped the downside move.

Bitcoin Price Technical Analysis BTC USD

The pair is once again moving higher and is currently trading above $7000. It should hold the trend line support and remain above $6900 for further gains in the near term. On the upside, an initial resistance is at $7100 followed by the recent all-time high at $7333. Overall, BTC remains buy on dips in the short term above $6900.

Looking at the technical indicators:

Hourly MACD – The MACD has slightly reduced its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI is currently just above the 50 level.

Major Support Level – $6900

Major Resistance Level – $7100

 

Charts courtesy – SimpleFX

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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How Our News is Made

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