{"id":10579,"date":"2024-10-01T02:47:15","date_gmt":"2024-10-01T02:47:15","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=10579"},"modified":"2024-10-01T02:47:15","modified_gmt":"2024-10-01T02:47:15","slug":"bitcoin-price-back-at-support-can-it-avoid-a-breakdown","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=10579","title":{"rendered":"Bitcoin Price Back at Support: Can It Avoid a Breakdown?"},"content":{"rendered":"

Bitcoin price started a fresh decline below the $65,000 level. BTC is now testing the $62,850 support zone and might start another increase.<\/em><\/p>\n

Bitcoin is correcting below the $65,500 zone.
\nThe price is trading below $65,000 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line with resistance at $63,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if it stays above the $62,500 support zone.<\/p>\n

Bitcoin Price Revisits Support<\/h2>\n

Bitcoin price started a fresh decline<\/a> from the $66,000 resistance. BTC broke the $65,000 and $64,500 support levels to move into a short-term bearish zone.<\/p>\n

The price even dipped below $63,500. A low was formed at $62,883 and the price is now consolidating losses. The price is now trading below the 23.6% Fib retracement level of the downward move from the $66,055 swing high to the $62,833 low.<\/p>\n

Bitcoin is now trading below $64,500 and the 100 hourly Simple moving average<\/a>. If there is a fresh increase, the price could face resistance near the $63,500 level. There is also a connecting bearish trend line with resistance at $63,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first key resistance is near the $64,500 level. It is close to the 50% Fib retracement level of the downward move from the $66,055 swing high to the $62,833 low.<\/p>\n

<\/a><\/p>\n

A clear move above the $64,500 resistance might send the price higher. The next key resistance could be $65,500. A close above the $65,500 resistance might spark more upsides. In the stated case, the price could rise and test the $66,200 resistance level. Any more gains might send the price toward the $68,000 resistance level.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $63,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $63,000 level.<\/p>\n

The first major support is near the $62,850 level. The next support is now near the $62,500 zone. Any more losses might send the price toward the $61,200 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $62,850, followed by $62,500.<\/p>\n

Major Resistance Levels \u2013 $63,500, and $64,500.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started a fresh decline below the $65,000 level. BTC is now testing the $62,850 support zone and might start another increase. Bitcoin is correcting below the $65,500 zone. The price is trading below $65,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line with resistance at $63,500 on […]<\/p>\n","protected":false},"author":0,"featured_media":10580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10579"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10579"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10579\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10580"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}