Bitcoin (BTC) Price Showing Signs of Recovery, $8,200 Could Prevent Gains

Aayush Jindal

Last Updated: June 11, 2024 12:51 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 a slow and steady recovery above $7,600 against the US Dollar.
The price is currently above $7,700, but the bulls could struggle near $8,000 or $8,140.
There is a crucial bearish trend line forming with resistance near $8,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct higher, but it might struggle to clear the $8,080 and $8,140 resistances.

Bitcoin price is slowly gaining pace above the $7,700 level against the US Dollar. BTC might continue higher, but the bulls are likely to struggle near $8,080, $8,140 and $8,200.

Bitcoin Price Analysis

After a strong decline, bitcoin price found support near $7,440 level against the US Dollar. The BTC/USD pair traded as low as $8,441 and recently started an upside correction. There was a break above the $7,550 and $7,600 resistance levels. The price is now trading above the $7,700 level, and the 23.6% Fib retracement level of the last decline from the $8,578 high to $7,440 swing low. There was a break above a connecting bearish trend line at $7,800 on the hourly chart.

On the upside, there are many important resistances near the $8,000, $8,010 and $8,080 levels. The 50% Fib retracement level of the last decline from the $8,578 high to $7,440 swing low is also near the $8,080 level to prevent gains. There is also a crucial bearish trend line forming with resistance near $8,120 on the hourly chart of the BTC/USD pair. Above the trend line, the 100 hourly simple moving average is near the $8,200 level to act as a strong resistance. Besides, the 61.8% Fib retracement level of the last decline from the $8,578 high to $7,440 swing low is at $8,140 to prevent gains.

Therefore, the price is likely to face a strong resistance near the $8,080 or $8,140 level. Moreover, a successful break above the $8,200 level is needed for a solid reversal in the coming sessions. On the downside, an initial support is near the $7,700, below which there is a risk of a fresh decline.

Looking at the chart, bitcoin price is showing a few positive signs above the $7,700 level. Having said that, if the price continues to rise, there are chances of it struggling near the $8,080 resistance. As long as the price is trading below the $8,080 and $8,200 levels, it is likely to trade in a range, with a few bearish moves.

Technical indicators:

Hourly MACD – The MACD is currently gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving lower towards the 50 level.

Major Support Levels – $7,700 followed by $7,600.

Major Resistance Levels – $8,000, $8,080 and $8,140.

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.