Bitcoin Price Watch: BTC/USD Targets New Weekly High

Aayush Jindal

Last Updated: June 11, 2024 1:31 pm

2 mins read

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Key Points

Bitcoin price surged higher and broke the $6,540-50 resistance area against the US Dollar.
Yesterday’s highlighted important bearish trend line was breached with resistance at $6,495 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is now placed well above the $6,580 pivot level and it could accelerate towards $6,840.

Bitcoin price is gaining traction above $6,640 against the US Dollar. BTC/USD is likely to move further higher towards $6,840 and $6,880 if buyers remain in action.

Bitcoin Price Analysis

After a brief struggle to break $6,540, buyers finally gained momentum to push bitcoin price higher against the US Dollar. The BTC/USD pair traded higher and broke the $6,550 and $6,580 resistance levels. There was even a close above the $6,620 level and the 100 hourly simple moving average. Furthermore, the price traded above the 61.8% Fib retracement level of the last slide from the $6,839 high to $6,318 low.

More importantly, yesterday’s highlighted important bearish trend line was breached with resistance at $6,495 on the hourly chart of the BTC/USD pair. The pair even broke the $6,720 resistance and is currently placed nicely in a bullish zone. It seems like the price could settle above the 76.4% Fib retracement level of the last slide from the $6,839 high to $6,318 low. The next resistance for buyers is near the $6,840 swing high. Above this, the price could target a new weekly higher towards the $6,900 level.

Looking at the chart, bitcoin price is gaining traction above the $6,700 level. If buyers remain in action, the price could continue to move higher towards the $6,840 level. On the downside, dips towards $6,640 and $6,600 are likely to find a strong buying interest in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is gaining strength in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is now well above the 60 level.

Major Support Level – $6,640

Major Resistance Level – $6,840

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.

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.
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