Bitcoin (BTC) Price Could Revisit $11.2K or $11.4K

Aayush Jindal

Last Updated: June 11, 2024 12:50 pm

2 mins read

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Bitcoin price extended gains above the key $10,600 and $10,800 resistances against the US Dollar.
The price is currently correcting lower after trading to a new weekly high at $10.960.
Yesterday’s highlighted major bullish trend line is intact with support near $10,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price could correct lower, but it seems like the bulls are eyeing a test of the $11,200 resistance area.

Bitcoin price is gaining bullish momentum above $10,500 against the US Dollar. BTC is likely to climb towards $11,200 or $11,400 as long as it stays above $10,500.

Bitcoin Price Analysis

Yesterday, we discussed the chances of a strong rise in BTC if it breaks $10,600 against the US Dollar. The price did gain bullish momentum above the $10,500 and $10,600 resistance levels. It opened the doors for more gains above the $10,700 level and the 100 hourly simple moving average. Finally, the price surpassed the $10,800 resistance and traded to a new weekly high at $10,960.

Recently, the price started a downside correction below the $10,900 level. Moreover, it traded below the 23.6% Fib retracement level of the recent wave from the $10,267 low to $10,960 high. It seems like there could be an extended downside correction towards the $10,500 support level. An immediate support is near the $10,600 level (the previous resistance). Additionally, the 50% Fib retracement level of the recent wave from the $10,267 low to $10,960 high is near the $10,600 level.

More importantly, yesterday’s highlighted major bullish trend line is intact with support near $10,500 on the hourly chart of the BTC/USD pair. Bitcoin price clearly remains well supported on the downside near the $10,600 and $10,500 support levels. If there is a bearish break and close below $10,500 plus the 100 hourly simple moving average, the price could move back into a bearish zone.

On the upside, an immediate resistance is near the recent high at $10,960, followed by $11,000. If the price continues to rise, the next important resistance is near the $11,200 and $11,250 levels.

Looking at the chart, bitcoin price is trading nicely above the $10,500 support level. As long as there is no daily close below $10,500, there are high chances of more upsides towards $11,200 in the coming sessions. Additionally, if the bulls remain in action, they might be able to push the price towards the $11,400 level.

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 correcting lower towards the 50 level.

Major Support Levels – $10,600 followed by $10,500.

Major Resistance Levels – $10,960, $11,000 and $11,200.

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.

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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.