Bitcoin Price Could End The Year Further Lower, Key Resistance Intact

Aayush Jindal

Last Updated: June 11, 2024 11:13 am

2 mins read

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Bitcoin price is struggling to clear the $17,000 resistance. BTC remains at a risk of more downsides below the $16,000 support zone before the year end.

Bitcoin is showing bearish signs below the $17,000 and $17,200 resistance levels.
The price is trading below $16,700 and the 100 hourly simple moving average.
There was a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could resume its decline if it stays below the $17,000 resistance zone.

Bitcoin Price Faces Resistance

Bitcoin price gained pace below the $16,800 support zone. BTC even extended its decline below the $16,700 level and the 100 hourly simple moving average.

The price traded as low as $16,453 and is currently correcting losses. There was a move above the $16,500 and $16,550 levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the $16,960 swing high to $16,453 low.

There was also a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC/USD pair. However, bitcoin price is now trading below $16,700 and the 100 hourly simple moving average.

On the upside, an immediate resistance is near the $16,650 level. The first major resistance is near the $16,700 zone and the 100 hourly SMA. It coincides with the 50% Fib retracement level of the recent decline from the $16,960 swing high to $16,453 low.

Source: BTCUSD on TradingView.com

The key breakout zone is still near the $17,000 level. A clear move above the $17,000 resistance might start a steady increase in the near term. The next major resistance is near $17,500, above which the price rise towards the $18,000 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to start a recovery wave above the $16,700 resistance, it could start another decline. An immediate support on the downside is near the $16,450 level or the recent low.

The next major support is near the $16,250 level. A clear move below the $16,250 support might spark a move towards the $16,000 level. Any more losses might send the price towards $15,500.

Technical indicators:

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

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

Major Support Levels – $16,450, followed by $16,250.

Major Resistance Levels – $16,700, $17,000 and $17,200.

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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