Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $28K

Aayush Jindal

Last Updated: June 11, 2024 10:42 am

2 mins read

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Bitcoin price is struggling to clear the $27,500 resistance zone. BTC is sliding and there could be a sharp decline toward $25,550 in the coming sessions.

Bitcoin is still struggling to stay above the $27,000 support zone.
The price is trading below $27,200 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support near $27,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could revisit the $26,550 support and might continue to decline.

Bitcoin Price Faces Resistance

Bitcoin price started a minor upside correction from the $26,550 support zone. BTC climbed above the $27,000 resistance zone and the 100 hourly Simple moving average.

There was a move above the 23.6% Fib retracement level of the key decline from the $28,450 swing high to the $26,571 low. However, the bears were active near the $27,500 resistance zone. There was no convincing move above the $27,350 resistance zone.

Bitcoin price stayed below the 50% Fib retracement level of the key decline from the $28,450 swing high to the $26,571 low. It is now trading below $27,200 and the 100 hourly Simple moving average.

Immediate resistance on the upside is near the $27,200 level and the 100 hourly Simple moving average. The next major resistance is near the $27,350 level. The main resistance sits near the $27,500 level.

Source: BTCUSD on TradingView.com

An upside break and close above $27,500 could start a decent increase toward $28,000. Any more gains above the $28,000 resistance zone might send the price toward the $28,500 resistance zone. If there is a close above the $28,500 resistance, there could be a move toward the $30,000 resistance zone in the near term.

More Losses in BTC?

If Bitcoin’s price fails to clear the $27,350 resistance, it could continue to move down. Immediate support on the downside is near the $26,800 level.

The next major support is near the $26,550 zone, below which the price might start a strong decline. In the stated case, the price could drop toward the $25,500 support in the coming sessions.

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 below the 50 level.

Major Support Levels – $26,800, followed by $26,550.

Major Resistance Levels – $27,200, $27,350, and $27,500.

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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