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

Bitcoin Price Weekly Analysis: BTC/USD Remains At Risk Below $6,300

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

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Key Points

  • Bitcoin price started a downside correction after climbing as high as $6,554 against the US Dollar.
  • There was a break below a major bullish trend line with support at $6,420 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently at a risk of more losses below the $6,300 support area in the near term.

Bitcoin price is under pressure below $6,400 against the US Dollar. BTC/USD could decline towards $6,280 or $6,250 if sellers remain in control.

Bitcoin Price Analysis

This past week, we saw a decent upward move above the $6,400 and $6,500 levels in bitcoin price against the US Dollar. The BTC/USD pair traded towards the $6,550 level and settled above the 100 simple moving average (4-hours). A fresh monthly high was formed at $6,554 and later the price corrected lower sharply. It broke the $6,500 and $6,440 support levels to move back in a bearish zone.

The price also breached the 50% Fib retracement level of the last wave from the $6,202 low to $6,554 high. More importantly, there was a break below a major bullish trend line with support at $6,420 on the 4-hours chart of the BTC/USD pair. The pair traded below the $6,360 support and the 100 simple moving average (4-hours). At the moment, the price is consolidating above $6,300. If sellers remain in action, the price could slide towards the $6,280 level and the 76.4% Fib retracement level of the last wave from the $6,202 low to $6,554 high.

Bitcoin Price Weekly Analysis BTC Chart

Looking at the chart, BTC price is currently struggling to break the $6,360-70 resistance zone and the 100 SMA. A successful close above $6,400 is needed for buyers to regain momentum. If not, there is a risk of a downside break below the $6,280 support in the near term.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is slowly moving into the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently well below the 50 level.

Major Support Level – $6,250

Major Resistance Level – $6,400

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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

Ad discliamer

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

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