Bitcoin Price Reaches Critical Resistance: Can the Rally Push On?
15 Oktober 2024 - 5:22AM
NEWSBTC
Bitcoin price started a fresh rally above the $64,500 resistance
zone. BTC is now consolidating and might struggle to surpass the
$66,400 resistance. Bitcoin is up over 5% and now faces hurdles
near the $66,400 zone. The price is trading above $64,500 and the
100 hourly Simple moving average. There is a short-term bullish
trend line forming with support at $65,400 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair could rally
further if there is a close above the $66,400 resistance zone.
Bitcoin Price Surges Over 5% Bitcoin price formed a base and
started a fresh increase above the $62,500 resistance. BTC cleared
the $63,500 resistance to move into a positive zone. The price even
rallied above the $65,000 and $65,500 resistance levels. Finally,
the price stalled near the last key resistance at $66,400. A high
was formed at $66,398 and the price is now consolidating gains.
There was a minor decline below the $66,000 level. The price is now
approaching the 23.6% Fib retracement level of the upward wave from
the $62,139 swing low to the $66,398 high. Bitcoin price is now
trading above $65,000 and the 100 hourly Simple moving average.
There is also a short-term bullish trend line forming with support
at $65,400 on the hourly chart of the BTC/USD pair. On the upside,
the price could face resistance near the $66,000 level. The first
key resistance is near the $66,400 level. A clear move above the
$66,400 resistance might send the price higher. The next key
resistance could be $66,850. A close above the $66,850 resistance
might initiate more gains. In the stated case, the price could rise
and test the $67,500 resistance level. Any more gains might send
the price toward the $68,000 resistance level. Another Decline In
BTC? If Bitcoin fails to rise above the $66,400 resistance zone, it
could start another decline. Immediate support on the downside is
near the $65,400 level and the trend line. The first major support
is near the $64,250 level or the 50% Fib retracement level of the
upward wave from the $62,139 swing low to the $66,398 high. The
next support is now near the $63,500 zone. Any more losses might
send the price toward the $62,500 support in the near term.
Technical indicators: Hourly MACD – The MACD is now losing pace in
the bullish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is now above the 50 level. Major Support Levels –
$65,400, followed by $64,250. Major Resistance Levels – $66,000,
and $66,400.
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