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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 Basing For Next Bullish Wave Above $4K

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 and traded below the $3,800 support against the US Dollar.
  • There was a break above a short term declining channel with resistance at $3,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely basing for a fresh upward move above the $3,900 and $4,000 resistance levels.

Bitcoin price found support near the $3,680 level against the US Dollar. BTC might soon start a fresh bullish wave above the $4,000 resistance.

Bitcoin Price Analysis

Yesterday, we saw a major downside correction in bitcoin price below the $4,000 support against the US Dollar. The BTC/USD pair even declined below the $3,800 support before buyers appeared near the $3,680 level. A low was formed at $3,684 and later the price started a fresh upward move. The price moved above the $3,750 resistance to start a fresh upward move.

It even broke the 23.6% Fib retracement level of the last decline from the $4,249 high to $3,684 low. Moreover, there was a break above a short term declining channel with resistance at $3,800 on the hourly chart of the BTC/USD pair. The pair is now trading nicely above the $3,800 level, with an immediate resistance near the 100 hourly simple moving average and $3,950. The next resistance is $4,000 and the 50% Fib retracement level of the last decline from the $4,249 high to $3,684 low. Therefore, if the price corrects further higher, it could find resistance near the $3,950 and $4,000 resistances.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price seems to be forming a support base near the $3,700 level for a fresh upward move. If it fails to stay above $3,700 support, there could be additional losses towards the $3,500 level in the near term.

Looking at the technical indicators:

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

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

Major Support Level – $3,700

Major Resistance Level – $4,000

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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

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Created by industry experts and meticulously reviewed
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How Our News is Made

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