Bitcoin Price Restarts Rally As The Bulls Target New Monthly High

Aayush Jindal

Last Updated: June 11, 2024 10:44 am

2 mins read

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Bitcoin price is again gaining pace above the $25,000 resistance. BTC could rise further if it clears the $26,500 resistance zone.

Bitcoin is moving higher and gaining pace above the $25,200 resistance.
The price is trading above $25,000 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $24,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rally further if it stays above the $25,200 support zone.

Bitcoin Price Regains Strength

Bitcoin price started a downside correction below the $25,000 support zone. BTC traded below the $24,500 level, but the bulls were active near the $24,000 zone.

A low was formed near $23,913 and the price started a fresh increase. There was a clear move above the $24,500 resistance zone. The price even cleared the 50% Fib retracement level of the downward move from the $26,525 swing high to $23,913 low.

Besides, there was a break above a major bearish trend line with resistance near $24,450 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $25,000 and the 100 hourly simple moving average.

On the upside, an immediate resistance is near the $25,900 level. It is near the 76.4% Fib retracement level of the downward move from the $26,525 swing high to $23,913 low. The next major resistance is near the $26,500 zone. A close above the $26,500 resistance might start another surge.

Source: BTCUSD on TradingView.com

In the stated case, the price could rally towards the $27,200 level. The next key resistance is near the $28,000 zone, above which the price might rise towards $28,800.

Dips Supported in BTC?

If bitcoin price fails to clear the $25,900 resistance, it could start another decline. An immediate support on the downside is near the $25,200 zone.

The next major support is near the $24,500 zone and the 100 hourly simple moving average, below which the price gain bearish momentum. The next major support is near the $24,000 level. Any more losses might send the price towards the $23,200 level.

Technical indicators:

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

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

Major Support Levels – $25,200, followed by $24,500.

Major Resistance Levels – $25,900, $26,500 and $27,200.

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.
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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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