Bitcoin (BTC) Price Remains Vulnerable Below $4,000

Aayush Jindal

Last Updated: June 11, 2024 1:38 pm

2 mins read

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Bitcoin price rebounded nicely from the $3,875 support area against the US Dollar.
The price traded above the $3,950 level, but it seems to be struggling near the $4,000 resistance.
There is a major bearish trend line in place with resistance at $4,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair remains at a risk of a fresh drop as long as it is below the $4,000 and $4,040 resistance.

Bitcoin price is facing a significant resistance near $4,000 against the US Dollar. BTC could decline once again if buyers continue to face hurdles near $4,000 in the near term.

Bitcoin Price Analysis

Recently, we saw a sharp decline in bitcoin price below the $3,950 and $3,900 supports against the US Dollar. The BTC/USD pair found support near the $3,875 level and later bounced back. Buyers gained control and pushed the price above the $3,900 and $3,950 levels. There was also a break above the 50% Fib retracement level of the last drop from the $4,065 high to $3,875 swing low. However, the price failed to gain strength above the $4,000 resistance and the 100 hourly simple moving average.

There was also a rejection near the 61.8% Fib retracement level of the last drop from the $4,065 high to $3,875 swing low. Moreover, there is a major bearish trend line in place with resistance at $4,000 on the hourly chart of the BTC/USD pair. The pair is clearly facing a strong resistance near the $4,000 level. If buyers succeed in surpassing the $4,000 resistance, the next key resistances are near $4,020 and $4,040.

On the other hand, if the price fails to climb above $4,000, it could start a fresh decline. An initial support is near $3,970 and the 23.6% Fib retracement level of the last wave from the $3,873 low to $4,000 high. However, the main support is near the $3,940 level. It represents the 50% Fib retracement level of the last wave from the $3,873 low to $4,000 high. Any further losses could take the price towards the key $3,875 support level.

Looking at the chart, bitcoin price seems to be struggling near the $4,000 resistance. If it continues to struggle, there is a risk of another drop below the $3,940 and $3,900 support levels in the near term. On the upside, the main hurdles are near $4,000, $4,020 and $4,040.

Technical indicators:

Hourly MACD – The MACD is currently in the bearish zone, with negative signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has moved below the 50 level and it could extend its slide.

Major Support Levels – $3,970 followed by $3,940.

Major Resistance Levels – $4,000, $4,020 and $4,040.

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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