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Breaking News: Bitcoin Tops $73,000, Expert Explains Why The Rally Isn’t Over Yet
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Breaking News: Bitcoin Tops $73,000, Expert Explains Why The Rally Isn’t Over Yet

Bitcoin Price Weekly Analysis – BTC/USD Eyes Break of $8000

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 7:42 am
2 mins read
Bitcoin Price Weekly Analysis BTC USD

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Key Points

  • Bitcoin price is gaining pace and will most likely break the $7500 resistance against the US Dollar.
  • There is a major bullish trend line forming with support at $7300 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair is now well supported above the $7300 and $7000 support levels for more gains.

Bitcoin price remains well in the bullish zone above $7000 against the US Dollar. BTC/USD might break $7500 soon and could even test $8000.

Bitcoin Price Remains Buy on Dips

There were monster gains in Bitcoin price as it moved above $6500 and $7000 against the US Dollar. The price gained a lot of pace and buyers succeeded in even breaking the $7200 resistance. A recent high was formed near $7477. Before $7477, there was a swing high formed at $7438 for a downside correction. Sellers pushed the price back towards $7000 and a low was formed at $6945.

Later, the price recovered sharply and moved back above $7200. There was even a close above the 76.4% Fib retracement level of the last drop from the $7438 high to $6945 low. It opened the doors for more gains above $7438. It seems like price would soon break $7500 and test the 1.236 Fib extension of the last drop from the $7438 high to $6945 low at $7555. Above the $7555 level, the next target could be the 1.618 Fib extension of the last drop from the $7438 high to $6945 low around $7700.

Bitcoin Price Weekly Analysis BTC USD

If buyers remain in control, there is even a chance of a test of $8000 in the coming days. On the downside, there is a major bullish trend line forming with support at $7300 on the 4-hours chart of BTC/USD, which is also a buy zone.

Looking at the technical indicators:              

4-hours MACD – The MACD is strongly placed in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently near the 70 level.

Major Support Level – $7300

Major Resistance Level – $7550

 

Charts courtesy – SimpleFX

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Aayush Jindal
Aayush Jindal

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.

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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.

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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

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