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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Bitcoin Price Watch: BTC/USD Sellers Not Out of Woods Yet

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:31 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 broke the $6,520 and $6,500 supports, and dropped significantly against the US Dollar.
  • There was a break below a short-term bearish flag with support at $6,520 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair declined below the $6,400 and $6,240 support levels to test $6,100.

Bitcoin price dropped heavily towards $6,100 against the US Dollar. BTC/USD may correct higher, but buyers are likely to struggle near $6,280 and $6,320.

Bitcoin Price Analysis

Yesterday, we discussed that the previous supports near $6,550-6,560 are likely to prevent an upsides in bitcoin price against the US Dollar. The BTC/USD pair failed to gain above $6,550 and started a fresh downside move. It broke the $6,520 support to enter into a bearish zone. Sellers took control, resulting in a sharp decline in the price below the $6,400 and $6,240 support levels. The price settled below $6,400 and the 100 hourly simple moving average.

To start the decline, there was a break below a short-term bearish flag with support at $6,520 on the hourly chart of the BTC/USD pair. The pair even cleared the $6,240 support and tested the next important support at $6,100. A new weekly low was formed at $6,092 before the price started an upside correction. It moved above the 23.6% Fib retracement level of the recent decline from the $6,552 high to $6,092 low. However, the upside move seems to be capped around $6,240 and $6,280. The 50% Fib retracement level of the recent decline from the $6,552 high to $6,092 low is also near $6,322.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price remains in a bearish zone below $6,400. As long as the price is below $6,320 and $6,400, there could be more losses below the $6,100 support in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly reducing its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI is currently recovering from the oversold levels.

Major Support Level – $6,100

Major Resistance Level – $6,320

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

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