Bitcoin (BTC) Price Turns Bearish: Bulls Could Face Resistance Near $7,800

Aayush Jindal

Last Updated: June 11, 2024 12:51 pm

2 mins read

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Bitcoin price remained in a bearish zone and recently declined below $7,600 against the US Dollar.
The price retested the $7,500 support area and it is currently consolidating losses.
There is a key bearish trend line forming with resistance near $7,820 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct higher, but the bulls are likely to face resistance near $7,800 and $7,900.

Bitcoin price declined recently below key support levels against the US Dollar. BTC is facing an uphill task and it is likely to struggle near the $7,800 and $8,000.

Bitcoin Price Analysis

Recently, bitcoin price started a major decline below $8,000 against the US Dollar. The BTC/USD pair declined heavily and broke the $7,800 and $7,600 support levels. The pair even broke the $7,800 level and the 100 hourly simple moving average. Finally, there was a break below the $7,550 level and the price tested the key $7,500 support area. A swing low was formed at $7,502 and the price is currently correcting higher.

It is currently testing the $7,700 resistance area and the 23.6% Fib retracement level of the last drop from the $8,131 high to $7,502 low. If there is an upside correction, the price could test the $7,800 resistance area. There is also a key bearish trend line forming with resistance near $7,820 on the hourly chart of the BTC/USD pair. The pair is clearly facing an uphill task near $7,800, $7,850, and the 100 hourly SMA. The next key resistance is near the $8,000 level. Moreover, the 50% Fib retracement level of the last drop from the $8,131 high to $7,502 low is near the $7,850 to act as a resistance.

Therefore, a successful break above the trend line and $7,850 could push the price towards the $8,000 barrier. If there is an upside break above $8,000, the price could move back in a positive zone. Conversely, if there is a downside break below $7,600, the price could retest the $7,500 support area.

Looking at the chart, bitcoin price is clearly under a lot of pressure below $7,800 and $8,000. As long as there is no close above the 100 hourly SMA, the price remains at a risk of more losses below $7,600. On the downside, the main support is near the $7,500. If there is a downside break, the price could trade towards $7,200.

Technical indicators:

Hourly MACD – The MACD is likely to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.

Major Support Levels – $7,600 followed by $7,500.

Major Resistance Levels – $7,800, $7,850 and $8,000.

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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