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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions
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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

Bitcoin Price Watch: BTC Could Make a Sustained Move Higher

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:33 pm
2 mins read
technical analysis bitcoin

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  • Bitcoin price traded higher and broke the $3,550 resistance level against the US Dollar.
  • There is a connecting bullish trend line formed with support at $3,545 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is showing positive signs above the $3,545 level, but it must break the $3,585 resistance.

Bitcoin price is slowly moving higher with positive signs against the US Dollar. BTC needs to overcome sellers near $3,580 and $3,600 for a sustained move higher in the near term.

Bitcoin Price Analysis

After forming a support base above the $3,500 level, bitcoin price started an upside correction against the US Dollar. The BTC/USD pair gained momentum above the $3,545 and $3,550 resistance levels. There was also a close above the $3,550 level and the 100 hourly simple moving average. Besides, buyers pushed the price above this week’s crucial bearish trend line with resistance at $3,555. However, the price is facing a lot of hurdles near the $3,585 and $3,600 resistance levels.

If there is a successful close above the $3,600 resistance, the price may continue to move higher. The next important resistances are $3,750 and $3,785, followed by the key $3,800 barrier. On the downside, an initial support is near the $3,550 level and the 100 hourly simple moving average. Moreover, there is a connecting bullish trend line formed with support at $3,545 on the hourly chart of the BTC/USD pair. Below the trend line, the 50% Fib retracement level of the last leg from the $3,440 low to $3,614 high is at $3,528. Therefore, there many supports on the downside above the $3,520 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is showing a few positive signs above the $3,550 support level. Having said that, buyers need to gain traction above $3,600 for a sustained move higher. If not, there is a risk of a break below $3,500 and the 61.8% Fib retracement level of the last leg from the $3,440 low to $3,614 high.

Technical indicators

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently flirting with the 50 level.

Major Support Level – $3,500

Major Resistance Level – $3,600

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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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