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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Bitcoin Price Watch: BTC/USD Buyers Losing Grip Below $6,520

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

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price revered yesterday’s gains and traded below the $6,500 support against the US Dollar.
  • There is a short-term ascending channel in place with support at $6,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could dip towards the $6,340 or $6,320 support before moving back higher.

Bitcoin price is struggling to gain momentum above $6,500 against the US Dollar. BTC/USD could correct a few points before a fresh upward move.

Bitcoin Price Analysis

Yesterday, we saw a sharp upward move above the $6,700 level in bitcoin price against the US Dollar. The BTC/USD pair traded above the $6,800 level and topped at $6,829. Later, there was a major downside move and the price reversed most gains below $6,500. There was even a push below the $6,400 support and a low was formed at $6,349. Later, the price started consolidating and moved above the $6,400 level.

It tested the 23.6% Fib retracement level of the recent decline from the $6,829 high to $6,349 low. However, buyers failed to clear the $6,500 resistance level. At the outset, there is a short-term ascending channel in place with support at $6,400 on the hourly chart of the BTC/USD pair. The pair seems to be struggling to break the $6,500 and $6,520 resistances. Therefore, there could be a downside correction below the channel support at $6,400. The price may test the $6,340 or $6,320 support levels before buyers take back control. On the other hand, a break above the $6,500 and $6,520 resistance will most likely call for more gains.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is placed in a positive zone above $6,280. However, the price must break $6,520 and then 50% Fib retracement level of the recent decline from the $6,829 high to $6,349 low at $6,590 to climb further higher.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slightly placed in the bearish zone.

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

Major Support Level – $6,400

Major Resistance Level – $6,500

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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
How Our News is Made

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

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