Bitcoin Price Rejects $25K Again, Why Dips Still Remain Attractive

Aayush Jindal

Last Updated: June 11, 2024 2:32 pm

2 mins read

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Bitcoin price faced a strong rejection near the $25,000 resistance. BTC remains supported near the $23,400 and $22,950 levels in the near term.

Bitcoin is down over $1,000 after it faced rejection near the $25,000 resistance.
The price is trading above $23,000 and the 100 hourly simple moving average.
There is a connecting bullish trend line forming with support near $23,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue higher if it stays above the $23,400 and $22,950 support levels.

Bitcoin Price Trims Gains

Bitcoin price extended its increase above the $24,000 resistance zone. BTC even spiked above the $25,000 resistance, but it faced a strong rejection.

A new weekly high was formed near $25,275 and the price started a fresh decline. There was a sharp decline below the $24,500 and $24,200 levels. The price even tested the 50% Fib retracement level of the upward move from the $21,505 swing low to $25,275 high.

The bulls appeared near the $23,400 zone. Bitcoin price is now trading above $23,000 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $23,450 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $24,000 level. The next major resistance is near the $24,400 zone. A clear move above the $24,400 resistance might resend the price towards the $25,000 resistance zone.

Source: BTCUSD on TradingView.com

A close above the $25,000 resistance might start another decent increase. In the stated case, the price may perhaps rise towards the $25,250 level. The next resistance could be near the $25,850 level, followed by $26,200.

More Losses in BTC?

If bitcoin price fails to clear the $24,400 resistance, it could continue to move down. An immediate support on the downside is near the $23,400 zone and the trend line.

The next major support is near the $22,950 zone. It is near the 61.8% Fib retracement level of the upward move from the $21,505 swing low to $25,275 high. If there is a downside break, the price might gain bearish momentum. The next major support is near the $22,750 level, below which the price might decline towards the $22,200 support.

Technical indicators:

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

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

Major Support Levels – $23,400, followed by $22,950.

Major Resistance Levels – $24,000, $24,400 and $25,000.

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.

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