#Bitcoin Under Pressure: Dips Ahead of Crucial #Fed Meeting: 12 JUNE 2024

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Key Highlights

  • Bitcoin price started another decline from the $72,000 resistance zone.
  • BTC traded below a key bullish trend line with support near $68,250 on the 4-hour chart.
  • Gold prices consolidate near the $2,320 resistance zone.
  • The Fed is likely to keep interest rates at 5.5%.

Bitcoin Price Technical Analysis

Bitcoin price failed to clear the $72,000 resistance zone and started a fresh decline. BTC/USD traded below many supports such as $70,000 and $69,200.

Looking at the 4-hour chart, the price traded below a key bullish trend line with support near $68,250. The price settled well below the 100 simple moving average (red, 4 hours) and tested the 200 simple moving average (green, 4 hours).

However, the bulls are now active near the $66,500 support zone. If there is another increase, the price could face resistance near the $67,800 level.

The first key resistance is near the $68,400 zone. The next resistance is near $69,200 and the 100 simple moving average (red, 4 hours). A successful close above $69,200 might start another steady increase. In the stated case, the price may perhaps rise toward the $70,000 level.

Conversely, Bitcoin might extend losses. Immediate support is near the $66,500 level. The main support sits at $66,000. Any more losses might send the price toward the $62,500 support zone.

Immediate resistance is near the $72,000 level.

Today’s Economic Releases

  • US Consumer Price Index for May 2024 (MoM) – Forecast +0.1%, versus +0.3% previous.
  • US Consumer Price Index for May 2024 (YoY) – Forecast +3.4%, versus +3.4% previous.
  • Fed Interest Rate Decision – Forecast 5.5%, versus 5.5% previous.


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