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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 Watch: BTC/USD Could Resume Uptrend Above $6,440

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:32 pm
2 mins read
technical analysis bitcoin

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Key Points

  • Bitcoin price corrected lower recently after trading as high as $6,472 against the US Dollar.
  • There is a major bullish trend line in place with support at $6,390 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is positioned for the next wave, which could be above the $6,420 resistance.

Bitcoin price is trading in a positive zone against the US Dollar. BTC/USD could continue to move higher as long as it is above $6,375 support level.

Bitcoin Price Analysis

Yesterday, bitcoin price started a downside correction after trading as high as $6,472 against the US Dollar. The BTC/USD pair declined below the $6,440 and $6,420 support levels. It also broke the 50% Fib retracement level of the last leg from the $6,319 low to $6,472 high. However, the price is still trading well above the $6,375 support and the 100 hourly simple moving average.

The price recently tested the $6,370-6,375 area, which acted as a support. Besides, the 61.8% Fib retracement level of the last leg from the $6,319 low to $6,472 high also provided support. More importantly, there is a major bullish trend line in place with support at $6,390 on the hourly chart of the BTC/USD pair. The pair is currently placed nicely above the $6,375 support and the 100 hourly simple moving average. On the upside, there is a connecting bearish trend line with resistance at $6,420. It seems like the price could dip towards $6,375 before it starts a fresh upward move above $6,420 and $6,440.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is still in an uptrend from the $6,200 support. Once buyers push the price above $6,440, there could be more gains above the $6,475 level in the near term.

Looking at the technical indicators:

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

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

Major Support Level – $6,375

Major Resistance Level – $6,440

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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.

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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
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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