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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6
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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6

Bitcoin Price Watch: BTC Breaks $4K, More Gains Possible

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:32 pm
2 mins read
technical analysis bitcoin

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  • Bitcoin price finally broke the $4,000 barrier and traded towards $4,100 against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $3,830 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently consolidating gains and dips towards $4,000 and $3,920 remain supported.

Bitcoin price gained bullish momentum and cleared $4,000 against the US Dollar. BTC could correct a few points, but it is likely to resume uptrend above $4,100.

Bitcoin Price Analysis

Recently, we discussed about a possible upside break above $4,000 in bitcoin price against the US Dollar. The BTC/USD pair did move higher and broke the $3,950 and $4,000 resistance levels. The recent upward move was strong as the price even cleared the $4,050 level and 100 hourly simple moving average. More importantly, there was a solid hourly candle formed, piercing the $4,000 barrier.

During the rise, there was a break above a major bearish trend line with resistance at $3,830 on the hourly chart of the BTC/USD pair. The pair traded as high as $4,082 and later started consolidating gains. An initial support is the 23.6% Fib retracement level of the last wave from the $3,762 low to $4,082 high. Below $4,000, the price may move towards the $3,920 support level. It represents the 50% Fib retracement level of the last wave from the $3,762 low to $4,082 high. The main support for buyers is near the $3,860 level, which was a strong resistance this past week. Therefore, if there is a downside correction, the price may find bids near the $4,000 and $3,920 levels.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price clearly broke a crucial resistance near $4,000 and $4,050. It is currently placed nicely above the 100 hourly SMA, but it must clear the $4,080-4,100 barrier for more gains. The next key resistance is at $4,200 followed by $4,220.

Technical indicators

Hourly MACD – The MACD for BTC/USD is slowly moving in the bearish zone, suggesting a downside correction.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 60 level, with a positive bias.

Major Support Level – $3,920

Major Resistance Level – $4,100

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Aayush Jindal
Aayush Jindal

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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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.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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