Bitcoin Price Still Vulnerable Unless It Surges Past $26,500

Aayush Jindal

Last Updated: June 11, 2024 2:28 pm

2 mins read

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Bitcoin price is attempting an upside break above the $26,200 resistance. BTC must clear $26,200 and $26,500 to start a decent recovery wave.

Bitcoin is still struggling to clear the $26,500 resistance zone.
The price is trading above $26,000 and the 100 hourly Simple moving average.
There was a break above a short-term bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could attempt a fresh increase if it clears $26,200 and $26,500.

Bitcoin Price Faces Hurdles

Bitcoin price started a short-term upward move from the $25,720 zone. BTC was able to climb above the $26,000 resistance zone but it is still facing a lot of hurdles.

During the recent increase, it broke the 23.6% Fib retracement level of the downward move from the $26,779 swing high to the $25,778 low. Besides, there was a break above a short-term bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $26,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $26,175 and $26,200 levels.

A clear move above the $26,200 level might send the price toward the key resistance at $26,500. Intermediate resistance is near the 61.8% Fib retracement level of the downward move from the $26,779 swing high to the $25,778 low at $26,400.

Source: BTCUSD on TradingView.com

To start a decent increase, the price must settle above $26,500. In the stated case, the price could test the $27,000 level. Any more gains might set the pace for a larger increase toward $28,200.

Fresh Decline In BTC?

If Bitcoin fails to clear the $26,200 resistance, it could start another decline. Immediate support on the downside is near the $25,900 level.

The next major support is near the $25,800 level. A downside break below the $25,800 level might push the price further lower. In the stated case, the price could drop toward $25,400.

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 – $25,800, followed by $25,400.

Major Resistance Levels – $26,200, $26,500, and $27,000.

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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