Bitcoin Price Watch: BTC Sellers Targets Fresh Weekly Lows

Aayush Jindal

Last Updated: June 11, 2024 1:32 pm

2 mins read

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Key Points

Bitcoin price failed to break the $3,475 and $3,485 resistance levels and declined against the US Dollar.
There was a break below an ascending channel with support at $3,405 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price may continue to move down towards $3,255 or it could even decline to a new weekly low.

Bitcoin price struggled to gain pace above $3,475 and retreated against the US Dollar. BTC remains at a risk of more declines below the $3,250 support level.

Bitcoin Price Analysis

Recently, bitcoin price started a short term upside correction from the $3,295 low against the US Dollar. The BTC/USD pair traded above the $3,400 resistance and the 100 hourly simple moving average. Besides, there was a break above the 23.6% Fib retracement level of the last decline from the $3,635 high to $3,295 low. The price succeeded in clearing a major bearish trend line with resistance at $3,400 on the hourly chart.

However, buyers struggled to clear the $3,475 and $3,485 resistance levels. A short term top was carved near $3,485. It seems like the price was rejected near the 50% Fib retracement level of the last decline from the $3,635 high to $3,295 low. It broke an ascending channel with support at $3,405 on the same chart. There was also a close below the $3,400 level and the 100 hourly SMA. The current price action suggests that the price may decline towards the $3,295 low or the $3,250 support. If sellers remain in action, the price could decline to a new weekly low below $3,240.

Looking at the chart, bitcoin price may continue to trade in a range below $3,475. It could either bounce back from $3,295 or break the $3,250 support for an extended decline.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is now placed well below the 50 level.

Major Support Level – $3,295

Major Resistance Level – $3,475

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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