Bitcoin Price Lacks Momentum But BTC Holders Are Safe: Here’s Why

Aayush Jindal

Last Updated: June 11, 2024 11:24 am

2 mins read

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Bitcoin price struggled to clear the $20,000 resistance zone against the US Dollar. BTC might decline, but there is a key support waiting near the $18,900 zone.

Bitcoin failed to gain momentum for a move above the $20,000 resistance zone.
The price is trading below $19,400 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $19,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could move down further to test the $18,900 support zone in the near term.

Bitcoin Price Trims Gains

Bitcoin price attempted a decent increase above the $19,500 resistance zone. BTC even climbed above the $19,800 level, but the bears were active near the $20,000 resistance zone.

The price traded as high as $19,939 before there was a fresh decline. There was a drop below the $19,500 and $19,400 levels. The bears even pushed the price below the 50% Fib retracement level of the upward move from the $18,271 swing low to $19,939 high.

Bitcoin price is now trading below $19,400 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $19,250 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $19,220 level. The first major resistance sits near the $19,250 level and the trend line. A clear move above the trend line resistance might pump the price towards the $19,500 resistance zone.

Source: BTCUSD on TradingView.com

The main resistance is still near the $20,000 zone. Any more gains might start a steady increase towards the $21,200 resistance zone.

Dips Limited in BTC?

If bitcoin fails to rise above the $19,250 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,000 zone.

The next major support is near the $18,900 zone. It is near the 61.8% Fib retracement level of the upward move from the $18,271 swing low to $19,939 high. A downside break below the $18,900 support zone might increase selling pressure. In the stated case, the price could decline towards the $18,500 support zone.

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 now near the 50 level.

Major Support Levels – $19,000, followed by $18,900.

Major Resistance Levels – $19,250, $19,500 and $20,000.

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.
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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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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