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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?
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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Bitcoin Price Reaches Key Juncture, Is This Bears Trap or Fresh Decline

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 2:29 pm
2 mins read
Bitcoin

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Bitcoin price started a downside correction below $28,000. BTC is now testing the $27,200 support and might start a fresh increase in the near term.

  • Bitcoin is moving lower below the $28,000 and $27,800 support levels.
  • The price is trading below $27,500 and the 100 hourly Simple moving average.
  • There is a short-term bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase unless there is a move below the $26,650 support.

Bitcoin Price Revisits Support

Bitcoin price failed to continue higher above the $28,500 resistance. BTC formed a short-term top and recently started a downside correction below the $28,000 level.

There was a move below the $27,500 level and the 100 hourly Simple moving average. The price is now testing the $27,200 support zone. A low is formed near $27,189 and the price is now consolidating losses, with very few signs of more losses.

Bitcoin is now trading below $27,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $27,500 level. There is also a short-term bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair. It is close to the 23.6% Fib retracement level of the recent decline from the $28,565 swing high to the $27,189 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next key resistance could be near the $27,880 level or the 50% Fib retracement level of the recent decline from the $28,565 swing high to the $27,189 low. A close above the $27,880 resistance could start another increase. In the stated case, the price could climb toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level.

More Losses In BTC?

If Bitcoin fails to continue higher above the $27,500 resistance, there could be more downsides. Immediate support on the downside is near the $27,200 level.

The next major support is near the $27,000 level. The main support is now near $26,800. A downside break and close below the $26,800 level might send the price toward $26,200. The next support sits at $26,000.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $27,200, followed by $26,800.

Major Resistance Levels – $27,500, $27,880, and $28,500.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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