Bitcoin Price Ready to Resume Gains: Can the Uptrend Return?
07 Oktober 2024 - 4:40AM
NEWSBTC
Bitcoin price started a fresh increase above the $62,000 zone. BTC
is gaining pace and might aim for more gains above the $63,500
zone. Bitcoin is eyeing a fresh increase above the $63,500 zone.
The price is trading above $63,250 and the 100 hourly Simple moving
average. There is a connecting bullish trend line forming with
support at $62,900 on the hourly chart of the BTC/USD pair (data
feed from Kraken). The pair could continue to rise if it clears the
$64,200 resistance zone. Bitcoin Price Regains Traction Bitcoin
price formed a support base above the $60,000 zone. BTC started a
fresh increase above the $61,200 and $62,000 resistance levels. The
bulls even pumped the price above the $63,000 resistance. It traded
as high as $63,949 and the price is now consolidating gains. It
seems like the price is showing signs of a fresh rally above
$63,500. BTC is above the 23.6% Fib retracement level of the upward
move from the $62,324 swing low to the $63,949 high. Bitcoin price
is now trading above $63,250 and the 100 hourly Simple moving
average. There is also a connecting bullish trend line forming with
support at $62,900 on the hourly chart of the BTC/USD pair. On the
upside, the price could face resistance near the $64,000 level. The
first key resistance is near the $64,200 level. A clear move above
the $64,200 resistance might send the price higher. The next key
resistance could be $65,000. A close above the $65,000 resistance
might initiate more gains. In the stated case, the price could rise
and test the $65,500 resistance level. Any more gains might send
the price toward the $66,500 resistance level. Are Dips Supported
In BTC? If Bitcoin fails to rise above the $64,000 resistance zone,
it could start another decline. Immediate support on the downside
is near the $63,500 level. The first major support is near the
$63,000 level or the 50% Fib retracement level of the upward move
from the $62,324 swing low to the $63,949 high or the trend line.
The next support is now near the $62,500 zone. Any more losses
might send the price toward the $61,800 support in the near term.
Technical indicators: Hourly MACD – The MACD is now gaining pace in
the bullish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is now above the 50 level. Major Support Levels –
$63,500, followed by $63,000. Major Resistance Levels – $64,000,
and $64,200.
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