Bitcoin Price Continues Slide As Crypto Market Sentiment Takes Hit

Aayush Jindal

Last Updated: June 11, 2024 2:35 pm

2 mins read

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Bitcoin price extended its decline below the $28,000 support. BTC tested $27,650 and is currently attempting a minor upside correction.

Bitcoin is showing bearish signs below the $28,500 resistance zone.
The price is trading below $28,200 and the 100 hourly Simple moving average.
There is a major bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct higher but upsides might be limited above the $28,500 level.

Bitcoin Price Extends Decline

Bitcoin price failed to start a recovery wave above the $29,000 resistance zone. BTC extended its decline and traded below the $28,200 support zone.

The price even broke the $28,000 level and tested $27,650. A low is formed near $27,664 and the price is now consolidating losses. It is trading near the $28,000 resistance zone. There is also a major bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC/USD pair.

Besides, Bitcoin is trading below $28,200 and the 100 hourly Simple moving average. Immediate resistance is near the $28,050 level. The next major resistance sits near the $28,200 zone and the 23.6% Fib retracement level of the downward move from the $29,975 swing high to the $27,664 low.

The first major resistance is near $28,500, above which the price may perhaps test the 50% Fib retracement level of the downward move from the $29,975 swing high to the $27,664 low.

Source: BTCUSD on TradingView.com

The main resistance is near $29,000 and the 100 hourly Simple moving average. A close above the $29,000 resistance could send Bitcoin toward $29,500. Any more gains could open the doors for a test of the key barrier at $30,000.

More Losses in BTC?

If Bitcoin’s price fails to clear the $28,200 resistance, it could continue to move down. Immediate support on the downside is near the $27,650 level.

The next major support is near the $27,200 zone, below which the price might dive toward the $26,500 support zone. Any more losses might take Bitcoin toward $25,500 in the near term.

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 40 level.

Major Support Levels – $27,650, followed by $27,200.

Major Resistance Levels – $28,200, $28,500, and $28,800.

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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