Bitcoin Price Struggles To Catch Up With Ethereum But Eyes More Upsides

Aayush Jindal

Last Updated: June 11, 2024 2:35 pm

2 mins read

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Bitcoin price is moving higher above the $30,250 zone. BTC is struggling to gain bullish momentum like Ethereum but it could rally further above $31,000.

Bitcoin started another increase above the $30,250 resistance.
The price is trading above $30,250 and the 100 hourly Simple moving average.
There was a break above a major declining channel with resistance near $30,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could consolidate gains before it starts a fresh increase toward $32,000.

Bitcoin Price Breaks Resistance

Bitcoin price remained well-bid above the $29,650 support zone. BTC started a fresh increase after there was an upside break in Ethereum.

The bulls were able to pump ETH above the $2,000 and $2,050 resistance levels. However, BTC failed to follow a similar pattern and climbed above the $30,250 resistance. There was a break above a major declining channel with resistance near $30,200 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $30,250 and the 100 hourly Simple moving average. It traded as high as $30,911 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $29,645 swing low to the $30,911 high.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $30,850 level. The next major resistance is near the $31,200 zone. A close above the $31,200 resistance might start another increase. In the stated case, the price may perhaps rise toward the $32,000 level. The next key resistance is near the $32,200 level, above which BTC could rise toward the $33,500 level.

Are Dips Supported in BTC?

If Bitcoin’s price fails to clear the $30,750 resistance, it could a downside correction. Immediate support on the downside is near the $30,400 level.

The next major support is near the $30,250 zone or the 50% Fib retracement level of the upward move from the $29,645 swing low to the $30,911 high. A downside break and close below the $30,250 support might push the price toward the $30,000 support. Any more losses could lead the price toward the 100 hourly Simple moving average.

Technical indicators:

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

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

Major Support Levels – $30,250, followed by $30,000.

Major Resistance Levels – $30,750, $31,200, and $32,000.

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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