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Breaking News: XRP Projected To Reach $8 By 2026: Standard Chartered Identifies Two Major Catalysts
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Breaking News: XRP Projected To Reach $8 By 2026: Standard Chartered Identifies Two Major Catalysts

Bitcoin Price Watch: BTC/USD Broke Key Barrier

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:37 pm
2 mins read
technical analysis bitcoin

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Key Points

  • Bitcoin price formed a support base around $9,000 and jumped higher against the US Dollar.
  • There was a break above a crucial declining channel with resistance at $9,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently struggling to settle above $9,400 and the 100 hourly simple moving average.

Bitcoin price is showing positive signs above $9,200 against the US Dollar. BTC/USD has to settle above the 100 hourly SMA to climb above $9,500 in the near term.

Bitcoin Price Trend

After a downside correction, bitcoin price found a strong buying interest near the $9,000 level against the US Dollar. The price formed a low at $8,969 and started an upside move. It climbed higher and cleared the 23.6% Fib retracement level of the last drop from the $9,959 high to $8,969 low. It opened the doors for more upsides and the price broke a couple of key hurdles near $9,180 and $9,200.

More importantly, there was a break above a crucial declining channel with resistance at $9,200 on the hourly chart of the BTC/USD pair. The pair tested the next major resistance at $9,450 and the 100 hourly simple moving average. It seems like buyers struggled to break the $9,450 resistance since it is the 50% Fib retracement level of the last drop from the $9,959 high to $8,969 low. It is currently consolidating gains near the $9,350 level and the 100 hourly SMA. Once there is a successful close above 100 SMA and $9,450, the price may resume its uptrend.

Bitcoin Price Analysis BTC

Looking at the chart, there are many positive signs above the $9,200 support. As long as the price is stable and holds the bullish bias above $9,200, it is likely to break $9,450. The next stop for buyers could be $9,600 and $9,750.

Looking at the technical indicators:              

Hourly MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is now well above the 50 level.

Major Support Level – $9,200

Major Resistance Level – $9,450

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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