HomeBitcoin NewsBitcoin Price Analysis: BTC Dips Again But Holds Key Support

Bitcoin Price Analysis: BTC Dips Again But Holds Key Support

Date:

Related stories

Bitcoin and Altcoins Drop Massively in Value Despite Upward Expectations

Despite news this week of inflation rates lower than...

Whales Snag $1.38 Billion Worth of BTC In One Day

June 11 saw Bitcoin Whales purchase over $1.30 billion...

BTC ETFs See $226.2 Million Outflows on Thursday

BTC ETFs saw $226.2 million in net outflows in...
spot_imgspot_img
  • Bitcoin price started a fresh decline from the $27,500 zone against the US Dollar.
  • The price is now trading below $27,000 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $26,350 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it stays above the $25,850 support zone.

Bitcoin price is declining below $26,600 against the US Dollar. BTC might eye another increase if the bulls remain active above the $25,850 zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $27,500 resistance zone. A high was formed near $27,499 before the price started a downside correction. There was a clear move below the $26,850 and $26,500 levels.

There was a move below the $26,300 level. The pair spiked below the 50% Fib retracement level of the upward move from the $24,900 swing low to the $7,499 high. It is now trading below $26,500 and the 55 simple moving average (4 hours).

Immediate resistance on the upside is near the $26,350 level. There is also a key bearish trend line forming with resistance near $26,350 on the 4-hour chart of the BTC/USD pair.

The next major resistance might be near the $26,880 zone. A clear move above the $26,880 level might send the price toward $27,500, above which the price might rise toward the $28,500 level. Any more gains might push the price toward the $30,000 zone.

If there is no upside break, the price might continue to decline below the $26,000 level. The first major support is $25,850. It is near the 61.8% Fib retracement level of the upward move from the $24,900 swing low to the $7,499 high.

The next key support is near the $25,500 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $24,200 level. Any more losses might send the price toward the $23,500 level.

Bitcoin Price
Bitcoin Price

Looking at the chart, Bitcoin price is clearly trading below $26,500 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it stays above the $25,850 support zone.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

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

Key Support Levels – $26,000 and $25,850.

Key Resistance Levels – $26,350, $26,880, and $27,500.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img