Bitcoin Price Watch: BTC/USD’s Upside Drift, Reversal And Tether’s Decline

Aayush Jindal

Last Updated: June 11, 2024 1:32 pm

2 mins read

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Key Points

Bitcoin price rallied above the $6,600 and $6,700 resistances and later reversed gains against the US Dollar.
There was a break above a major bearish trend line with resistance at $6,310 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Tether (USDT) pairs rallied above the $7,000 and $7,500, but later trimmed most of its gains.

Bitcoin price broke the $6,700 resistance, but it failed to hold gains against the US Dollar. BTC/USD is back to $6,400 and it is currently under pressure.

Bitcoin Price Analysis

There was a major sell-off noted for Tether (USDT) pairs, which ignited an upward move in bitcoin price against the US Dollar. The BTC/USD pair also gained traction and moved above the 6,600 and $6,700 resistance levels. Earlier, there was a decent support base formed near the $6,150 level. The price started an upward move above the $6,300 level and the 100 hourly simple moving average.

The upside move was strong as the price broke an ascending channel with resistance at $6,300. Moreover, there was a break above a major bearish trend line with resistance at $6,310 on the hourly chart of the BTC/USD pair. The pair rallied towards the $6,800 level and traded as low as $6,825. Sellers appeared and protected further upsides above $6,825. Later, there was a sharp reversal and the price trimmed most of its gains below $6,600. It even broke the $6,500 level and it is currently testing $6,400. The 61.8% Fib retracement level of the recent run from the $6,152 low to $6,825 high is also acting as a support.

Looking at the chart, bitcoin price faced most of its gains above $6,600. This seems like a false break caused by Tether unwinding. Going forward, there could be range moves above $6,300 before the next leg.

Looking at the technical indicators:

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

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

Major Support Level – $6,400

Major Resistance Level – $6,520

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.

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