Bitcoin Price Weekly Analysis: BTC/USD Remains Supported Near $6,380

Aayush Jindal

Last Updated: June 11, 2024 1:32 pm

2 mins read

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Key Points

Bitcoin price is holding the $6,380 and $6,350 support levels against the US Dollar.
There is a major contracting triangle forming with resistance at $6,420 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair needs to surpass the $6,420 and $6,460 resistance levels to gain momentum.

Bitcoin price is holding the key $6,350 support against the US Dollar. BTC/USD is likely to break $6,420 to climb towards the $6,460 and $6,500 levels.

Bitcoin Price Analysis

This past week, sellers made many attempts to clear the $6,380 and $6,350 supports in bitcoin price against the US Dollar. However, the BTC/USD pair remained well bid around the $6,380 level, which acted as a strong support. The recent low was formed at $6,385 before the price started an upside correction. It traded above the 23.6% Fib retracement level of the recent decline from the $6,450 high to $6,385 low.

The price also moved above the $6,400 level and the 100 simple moving average (4-hours). However, the upside move was protected by the $6,415-6,420 zone. Besides, the 50% Fib retracement level of the recent decline from the $6,450 high to $6,385 low is acting as a strong resistance. More importantly, there a major contracting triangle forming with resistance at $6,420 on the 4-hours chart of the BTC/USD pair. The pair may soon clear the $6,420 resistance to climb further. However, a proper break and close above the $6,460 resistance is needed for buyers to gain momentum.

Looking at the chart, BTC price is well supported on the downside near the $6,380 and $6,350 levels. As long as the price is above these supports, there are high chances of it moving higher towards $6,460. The next main hurdle for buyers are $6,500 and $6,540.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is slowly gaining pace in the bullish zone.

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

Major Support Level – $6,350

Major Resistance Level – $6,460

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.
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