Bitcoin Bulls Keep Pushing, Why BTC Could Recover Above This Resistance

Aayush Jindal

Last Updated: June 11, 2024 1:01 pm

2 mins read

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Bitcoin price remained strong above the $25,500 zone. BTC could soon attempt a recovery wave above the $26,500 resistance zone in the near term.

Bitcoin is still consolidating above the $25,500 support zone.
The price is trading near $26,050 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance near $25,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a decent increase if there is a clear wave above the $26,500 resistance.

Bitcoin Price Eyes Recovery

Bitcoin price started another decline below the $25,800 zone. BTC spiked below the $25,600 and $25,500 levels. However, downsides were limited below the $25,350 level.

A low was formed near $25,359 and the price started a fresh increase. There was a move above the $25,500 and $25,600 levels. The price climbed above the $26,000 level and tested $26,150. Besides, there was a break above a connecting bearish trend line with resistance near $25,900 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading near $26,050 and the 100 hourly Simple moving average. It is also above the 23.6% Fib retracement level of the recent increase from the $25,359 swing low to the $26,155 high.

Immediate resistance is near the $26,150 level. The next major resistance is near $26,250. A close above the $26,250 resistance might send the price toward the $26,500 resistance zone.

Source: BTCUSD on TradingView.com

If the bulls push the price above $26,500, there could be a move toward the $27,000 resistance zone. Finally, to start a decent increase, the price must settle above the $27,000 zone. A close above the $27,000 resistance could start a decent increase toward the $27,800 resistance zone. Any more gains might set the pace for a larger increase toward $28,150.

Another Decline In BTC?

If Bitcoin fails to clear the $26,250 resistance, it could start another decline. Immediate support on the downside is near the $25,850 zone.

The next major support is near the $25,550 level or the 76.4% Fib retracement level of the recent increase from the $25,359 swing low to the $26,155 high. A downside break below the $25,550 level might push the price again into a bearish zone. In the stated case, the price could drop toward $25,000.

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 – $25,850, followed by $25,550.

Major Resistance Levels – $26,250, $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.

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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