Bitcoin Bears Gain Strength – Is This Renewed Downtrend or Just Correction?

Aayush Jindal

Last Updated: June 11, 2024 2:36 pm

2 mins read

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Bitcoin price is moving lower below $28,000. BTC is approaching the $27,000 support, below which there is a risk of an extended decline to $25,500.

Bitcoin is moving lower and trading below the $28,200 pivot level.
The price is trading below $28,000 and the 100 hourly Simple moving average.
There is a major bearish trend line forming with resistance near $28,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down if there is a move below the $27,000 support.

Bitcoin Price Turns Red

Bitcoin price started a steady decline after it broke the $28,800 support zone. BTC gained bearish momentum below the $28,200 and $28,000 levels.

The bears seem to be gaining strength and they were able to push the price toward the $27,200 support. A low is formed near $27,282 and the price is now consolidating losses. It is trading below $28,000 and the 100 hourly Simple moving average.

There is also a major bearish trend line forming with resistance near $28,150 on the hourly chart of the BTC/USD pair. Bitcoin is now facing resistance near the $27,750 level. It is close to the 23.6% Fib retracement level of the downward move from the $29,128 swing high to the $27,282 low.

The next major resistance is near the trend line zone or the 50% Fib retracement level of the downward move from the $29,128 swing high to the $27,282 low. A close above the trend line resistance might send the price toward the $28,800 resistance.

Source: BTCUSD on TradingView.com

The next key resistance is near $29,120, above which the price might rise toward the $29,500 resistance zone. Any more gains could open the doors for a decent increase toward the $29,750 resistance.

More Losses in BTC?

If Bitcoin’s price fails to clear the $28,150 resistance, it could continue to move down. Immediate support on the downside is near the $27,250 level and the recent low.

The next major support is near the $27,000 zone, below which the price might drop toward the $26,000 support zone. Any more losses might take Bitcoin toward the $25,500 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $27,250, followed by $27,000.

Major Resistance Levels – $28,000, $28,150, and $28,800.

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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