Bitcoin Price Weekly Analysis – Can BTC/USD Break $4500?

Aayush Jindal

Last Updated: June 11, 2024 11:54 am

2 mins read

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Key Points

Bitcoin price failed once again around the $4450 level against the US Dollar, and currently trading near $4350.
There is a crucial bullish trend line with support at $4280 forming on the 4-hours chart of BTC/USD (data feed from SimpleFX).
As long as the price is above the trend line support at $4280, it may retest $4450.

Bitcoin price is struggling to clear the $4450-4500 levels against the US Dollar. A break above $4500 in BTC/USD is needed for $5000 in the near term.

Bitcoin Price Trend Support

Bitcoin price made a nice upside move this past week and traded towards the last high of $4470 against the US Dollar. The price traded as high as $4450 where it faced sellers and started a correction. The price traded below the 23.6% Fib retracement level of the last wave from the $4070 low to $4450 high. However, the downside move was contained by the $4250 support zone.

The 50% Fib retracement level of the last wave from the $4070 low to $4450 high at $4260 prevented declines. The price is now slowly moving higher above $4300, but lacking pace. There is a crucial bullish trend line with support at $4280 forming on the 4-hours chart of BTC/USD. The highlighted trend line support at $4280-4260 could play a major role for the next move in the near term.

As long as the price is above the $4280-4260 support area, it might retest the last swing high at $4450. On the flipside, if there is a break and close below $4250, the price could test $4100. Moreover, the 100 simple moving average on the same chart is near $4070, which is critical support. Overall, the next move depends whether the price can hold the trend line and support at $4250 or not.

Looking at the technical indicators:

4-hours MACD – The MACD is still moving into the bullish zone.

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

Major Support Level – $4250

Major Resistance Level – $4450

Charts courtesy – SimpleFX

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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