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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Bitcoin Price Watch: BTC/USD’s Support Turned Resistance

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 failed to trade higher towards $6,800 and declined recently against the US Dollar.
  • Yesterday’s highlighted key bullish trend line was breached with support at $6,560 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair declined below the $6,500 support and tested the $6,440 support level.

Bitcoin price trimmed most of its gains against the US Dollar. BTC/USD could recover, but the broken support at $6,560 might act as a resistance.

Bitcoin Price Analysis

Yesterday, we discussed that bitcoin price could climb higher towards the $6,800 level against the US Dollar. However, the BTC/USD pair failed to break the $6,640 and $6,700 resistance levels. It resulted in a downside move below the $6,550 support and the 100 hourly simple moving average. The price moved into a bearish zone as it cleared the important $6,500 support as well.

During the decline, yesterday’s highlighted key bullish trend line was breached with support at $6,560 on the hourly chart of the BTC/USD pair The pair even broke the last swing low at $6,490. Finally, it tested the 1.236 Fib extension level of the last wave from the $6,491 low to $6,687 high. The price formed an intraday low at $6,441 and it is currently correcting higher. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $6,687 high to $6,441 low. If buyers push the price above the $6,500 level, the next stop could be the $6,560 level. The stated $6,560 level along with the 100 hourly SMA are likely to act as hurdles for buyers.Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price broke a few key supports and tested $6,440. It may bounce back, but the previous supports near $6,550-6,560 are likely to prevent an upside break.

Looking at the technical indicators:

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

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

Major Support Level – $6,440

Major Resistance Level – $6,560

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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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The highest standards in reporting and publishing
How Our News is Made

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