Bitcoin Correction To $10k On Horizon After Bulls Lose Control At $10.9k

Aayush Jindal

Last Updated: June 11, 2024 2:16 pm

2 mins read

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Bitcoin price failed to clear the $10,900 and $11,000 resistance levels against the US Dollar. BTC is currently declining and it seems like there are chances of an extended decline to $10,000.

Bitcoin failed to gain strength and it remained well below the $11,000 resistance.
The price is now trading below the $10,800 support and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $10,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair remains at a risk of a sharp decline if it breaks the $10,650 and $10,550 support levels.

Bitcoin Price is Retreating Lower

Yesterday, we saw a decent increase in bitcoin price above $10,800 and discussed the importance of the $11,000 resistance against the US Dollar. BTC did fail to gain strength and it remained well below the $11,000 resistance.

As a result, there was a bearish reaction and the price declined below the $10,800 support level. There was a clear break below the 50% Fib retracement level of the upward move from the $10,600 swing low to $10,945 high.

The price is now trading below the $10,750 level, the 100 hourly simple moving average, and the 76.4% Fib retracement level of the upward move from the $10,600 swing low to $10,945 high. It seems like the $10,650 level is currently acting as a support.

Bitcoin price declines below $10,800. Source: TradingView.com

There is also a key bullish trend line forming with support near $10,650 on the hourly chart of the BTC/USD pair. If there is a downside break below the trend line support, the price could revisit the $10,550 support zone.

On the upside, the price is likely to face sellers near the $10,800 level. The main hurdle for the bulls is near the $11,000. A successful close above the $11,000 resistance is must for a sustained upward move in the near term.

Downsides Break in BTC?

If bitcoin fails to recover above the $10,800 resistance, there is a risk of a downside break. The first key support is near the $10,650 level.

The main support zone is forming near the $10,550 and $10,500 levels. A clear break below $10,500 is likely to start a sharp decline and the price could even test the $10,000 area.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 40 level.

Major Support Levels – $10,650, followed by $10,550.

Major Resistance Levels – $10,800, $10,950 and $11,000.

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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