Bitcoin Price Holds Key Support, Can Bulls Overcome This Key Hurdle?

Aayush Jindal

Last Updated: June 11, 2024 2:43 pm

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin price dived again and retested the $40,000 support zone. BTC is rising, but it must clear $42,350 to move into a positive zone.

Bitcoin is attempting a fresh increase from the $40,000 support zone.
The price is trading below $43,600 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance near $41,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum once it clears the $42,350 resistance zone.

Bitcoin Price Remains Supported

Bitcoin price dropped heavily below the $43,500 and $43,200 support levels. BTC even dived below the $41,200 support before the bulls emerged. A low was formed near $39,999 and the price is now attempting a fresh increase.

The price climbed above the 23.6% Fib retracement level of the downward move from the $44,699 swing high to the $39,999 low. Besides, there was a break above a connecting bearish trend line with resistance near $41,300 on the hourly chart of the BTC/USD pair.

However, Bitcoin is still trading below $43,600 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $42,000 level. The first major resistance is forming near $42,350. It is near the 50% Fib retracement level of the downward move from the $44,699 swing high to the $39,999 low.

Source: BTCUSD on TradingView.com

A close above the $42,350 resistance might start a steady increase. The next key resistance could be near $43,000, above which BTC could rise toward the $44,000 level. A clear move above the $44,000 level could set the pace for a test of $45,000.

Dips Present Buying Opportunity In BTC?

If Bitcoin fails to rise above the $42,350 resistance zone, it could start another decline. Immediate support on the downside is near the $41,200 level.

The next major support is near $40,550, below which the price might test the $40,000 zone. If there is a move below $40,000, there is a risk of a sharp decline. In the stated case, the price could drop toward the $38,500 support in the near term.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 30 level.

Major Support Levels – $41,200, followed by $40,000.

Major Resistance Levels – $42,400, $43,200, and $44,200.

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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.