Bitcoin Just Broke $12K To Start A Fresh Cycle of Strong Uptrend

Aayush Jindal

Last Updated: June 11, 2024 2:06 pm

2 mins read

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Bitcoin is gaining momentum and it recently crossed $12,000 against the US Dollar. BTC is showing positive signs and it is likely to continue higher towards $12,400.

Bitcoin is trading in a nice uptrend above the $11,800 and $12,000 levels.
The price traded to a new monthly high at $12,084 and it is currently well above the 100 hourly simple moving average.
There was a break above a short-term declining channel with resistance near $11,665 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower in the short-term, but dips are likely to remain well bid near $11,900 and $11,800.

Bitcoin Price is Gaining Momentum

In the past few sessions, bitcoin price started a fresh increase from the $11,500 support area against the US Dollar. The price gained traction and broke a couple of important hurdles near $11,800.

As a result, the price broke the $12,000 resistance and it settled well above the 100 hourly simple moving average. During the rise, there was a break above a short-term declining channel with resistance near $11,665 on the hourly chart of the BTC/USD pair.

A new monthly high is formed near $12,084 and the price is currently consolidating gains. An initial support on the downside is near the $12,000 level. It is close to the 23.6% Fib retracement level of the recent rally from the $11,536 swing low to $12,084 high.

Bitcoin price trades above $11,200. Source: TradingView.com

The main support on the downside is forming near the $11,900 and $11,800 levels (the recent breakout zone). It is close to the 50% Fib retracement level of the recent rally from the $11,536 swing low to $12,084 high.

On the upside, the $12,050 and $12,100 are initial hurdles for the bulls. A successful break above the $12,100 level could open the doors for a push towards the $12,400 and $12,500 resistance levels in the near term.

Dips Supported in BTC?

If bitcoin starts a downside correction, the bulls are likely to protect dips near the $11,900 level. The first key support is near the $11,800 level, below which the price might continue to move down.

In the mentioned case, the price is likely to continue lower towards the $11,700 level and the 100 hourly SMA, where the bulls are likely to take a stand.

Technical indicators:

Hourly MACD – The MACD is gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level.

Major Support Levels – $11,900, followed by $11,800.

Major Resistance Levels – $12,050, $12,100 and $12,400.

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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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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