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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6

TA: Bitcoin Price Resumes Decline, Why BTC Remains At Risk

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 10:09 am
2 mins read
Bitcoin

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Bitcoin spiked below the key $28,500 support zone against the US Dollar. BTC is declining and might continue to move down towards the $27,500 support.

  • Bitcoin is moving lower and facing a major resistance near the $29,600 zone.
  • The price is now trading below the $29,000 level and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $29,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down if it settles below the $28,500 support.

Bitcoin Price Faces Selling Pressure

Bitcoin price remained below the key $30,000 resistance zone. BTC started a fresh decline and there was a sharp move below the $28,500 support zone. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

The bears pushed the price below the $28,000 level. The price even tested the $27,500 support and a low is formed near $27,505. However, there was a strong recovery and the price climbed above $28,500. The bulls pushed the price above $29,000, but they struggled near $29,600.

There is also a major bearish trend line forming with resistance near $29,600 on the hourly chart of the BTC/USD pair. Bitcoin traded below the 23.6% Fib retracement level of the upward move from the $27,505 swing low to $29,749 high.

It is now trading below the $29,000 level and the 100 hourly simple moving average. An immediate resistance on the upside is near the $29,250 level. The next major resistance is near the $29,600 level and the 100 hourly simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

The main resistance sits near the $29,750. It is near the 50% Fib retracement level of the upward move from the $27,505 swing low to $29,749 high. A clear move above the $29,750 resistance level might start a strong increase. In the stated case, the price may perhaps rise towards the $30,600 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $29,600 resistance zone, it could continue to move down. An immediate support on the downside is near the $28,650 level.

The first major support is near the $28,500 level. A downside break below the $28,500 support might send the price further lower. In the stated case, the price may perhaps revisit the $27,500 support zone. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

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 below the 50 level.

Major Support Levels – $28,500, followed by $27,500.

Major Resistance Levels – $29,600, $29,750 and $30,600.

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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.

Read more

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

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