Bitcoin (BTC) Price Recovery Could Fade, Fresh Decrease Likely

Aayush Jindal

Last Updated: June 11, 2024 1:24 pm

2 mins read

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin price started an upside correction after trading as low as $9,483 against the US Dollar.
The price is facing a strong resistance near the $10,350 and $10,400 levels.
There is a major bearish trend line forming with resistance near $10,290 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is likely to resume its decline as long as it is trading below the $10,500 resistance.

Bitcoin price is facing many hurdles on the upside near $10,400 against the US Dollar. BTC price is likely to extend its decline below the $10,000 and $9,950 supports.

Bitcoin Price Analysis

There was a downside extension in bitcoin price below the $9,600 and $9,500 levels against the US Dollar. The BTC/USD pair traded as low as $9,483 and settled well below the 100 hourly simple moving average. Recently, the price started an upside correction above the $9,500 and $9,800 levels. Moreover, there was a break above the key $10,000 resistance area.

The price even climbed above the $10,200 resistance and traded close to the $10,500 level. A swing high was formed near $10,439 and the price is currently declining. It seems like the price is forming a strong resistance near the $10,300 and $10,400 levels. An immediate support is near the $10,000 level. The 50% Fib retracement level of the recent recovery from the $9,483 low to $10,439 high is also a decent support near $9,960.

The next key support is near the $9,850 level. It represents the 61.8% Fib retracement level of the recent recovery from the $9,483 low to $10,439 high. If there is a downside break below the $9,850 support, bitcoin price is likely to resume its decline. In the mentioned bearish case, the price could revisit the $9,500 and $9,480 levels. Any further losses might push the price towards the $9,220 level.

On the upside, an immediate resistance is near the $10,250 level. Moreover, there is a major bearish trend line forming with resistance near $10,290 on the hourly chart of the BTC/USD pair. If there is an upside break above the trend line and the $10,400 resistance, the price could recover further in the near term.

Looking at the chart, bitcoin price seems to be facing a strong resistance near the $10,300 and $10,400 levels. If it continues to struggle near $10,250 and $10,400, there are chances of more downsides below $10,000 and $9,850 in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is slowly moving back into the bearish zone.

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

Major Support Levels – $9,960 followed by $9,850.

Major Resistance Levels – $10,250, $10,300 and $10,400.

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.
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.