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Breaking News: Bitcoin To Bottom Out In 300 Days: Top Expert Forecasts $38,000 To $50,000 Price Point
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Breaking News: Bitcoin To Bottom Out In 300 Days: Top Expert Forecasts $38,000 To $50,000 Price Point

Bitcoin Price Watch: BTC Broke Key Support, Could Test $6,275

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:31 pm
2 mins read

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Key Points

  • Bitcoin price failed to hold the key support at $6,590 and declined below $6,500 against the US Dollar.
  • There was a break below a bearish pattern with support at $6,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is under pressure and it seems like it could continue to move down towards the $6,380 and $6,275 levels.

Bitcoin price failed to hold the $6,600 and $6,590 supports against the US Dollar. BTC/USD is likely to extend declines towards the next support at $6,275.

Bitcoin Price Analysis

Yesterday, we discussed a short-term correction below the $6,700 level in bitcoin price against the US Dollar. The BTC/USD pair started a downside move and traded below the $6,620 and $6,600 support levels. Besides, the price traded below the key support at $6,590. More importantly, there was a break below a bearish pattern with support at $6,550 on the hourly chart of the BTC/USD pair.

There was also a break below the 50% Fib retracement level of the last wave from the $6,102 low to $6,833 high. The current bias is bearish below the $6,520 level. If the price continues to move down, it could test the $6,381 and $6,275 levels. The later one is the 76.4% Fib retracement level of the last wave from the $6,102 low to $6,833 high. On the upside, the previous support levels near $6,560 and $6,590 are likely to act as hurdle for buyers in the near term. Additionally, the $6,660 level is also a major resistance along with the 100 hourly simple moving average.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price moved into a bearish zone below the $6,580 level. If sellers remain in action, the price could extend declines towards $6,275.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is gaining strength in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently well below the 40 level.

Major Support Level – $6,275

Major Resistance Level – $6,590

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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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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.

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Reason to trust

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