Bitcoin Price Weekly Analysis: BTC Trading Near Make-or-Break Levels

Aayush Jindal

Last Updated: June 11, 2024 1:33 pm

2 mins read

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin price is trading nicely above the $3,500 support area against the US Dollar.
There is a major ascending channel formed with resistance at $3,650 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair needs to surpass the $3,650 and $3,720 resistance levels to gain bullish momentum in the near term.

Bitcoin price made a few bullish breakout attempts, but it failed against the US Dollar. BTC/USD must stay above $3,500 and $3,480 to avoid a downside break in the coming days.

Bitcoin Price Analysis

This past week, bitcoin price remained nicely supported above the $3,500 level against the US Dollar. The BTC/USD pair started a recovery and moved above the $3,550 and $3,600 resistance levels. There was also a break above the $3,620 pivot level. Buyers pushed the price above the 50% Fib retracement level of the last decline from the $3,725 swing high to $3,443 low. However, the upside move was capped by the $3,650 resistance and the 100 simple moving average (4-hours). As a result, the price trimmed gains and settled below the $3,600 level.

At the moment, the price is trading well below the $3,600 level and the 100 simple moving average (4-hours). It traded as high as $3,673 and declined below the $3,575 level. There was a test of the 61.8% Fib retracement level of the last wave from the $3,443 low to $3,673 high. More importantly, there is a major ascending channel formed with resistance at $3,650 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the channel support and $3,500, the price may test $3,480. Below the range support at $3,480, the price may move into a bearish zone towards $3,200.

Looking at the chart, BTC price seems to be struggling to gain traction above $3,600 and $3,650. Should there be an upside break above $3,650, the price is likely to grind towards $4,000 in the near term.

Technical indicators

4-hours MACD – The MACD for BTC/USD is mostly flat in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently just below the 50 level.

Major Support Level – $3,500

Major Resistance Level – $3,650

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.

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.