{"id":11155,"date":"2024-10-03T02:26:58","date_gmt":"2024-10-03T02:26:58","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=11155"},"modified":"2024-10-03T02:26:58","modified_gmt":"2024-10-03T02:26:58","slug":"bitcoin-price-poised-for-a-fresh-rally-unless-this-level-breaks","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=11155","title":{"rendered":"Bitcoin Price Poised for a Fresh Rally, Unless This Level Breaks"},"content":{"rendered":"

Bitcoin price is consolidating above the $60,000 support. BTC could aim for a fresh increase unless there is a close below the $60,000 support.<\/em><\/p>\n

Bitcoin is consolidating above the $60,000 support zone.
\nThe price is trading below $61,500 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if it stays above the $60,000 support zone.<\/p>\n

Bitcoin Price Starts Consolidation<\/h2>\n

Bitcoin price extended its decline from the $62,350 resistance<\/a>. BTC broke the $62,000 and $61,500 support levels to move into a short-term bearish zone. The price even dipped below $60,500.<\/p>\n

A low was formed at $60,000 and the price is now consolidating losses. There was a minor increase above the $60,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low.<\/p>\n

Bitcoin is now trading below $61,500 and the 100 hourly Simple moving average<\/a>. If there is a fresh increase, the price could face resistance near the $61,250 level. The first key resistance is near the $61,500 level. There is also a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC\/USD pair.<\/p>\n

The trend line is close to the 61.8% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low. A clear move above the $61,500 resistance might send the price higher. The next key resistance could be $62,500.<\/p>\n

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

A close above the $62,500 resistance might spark more upsides. In the stated case, the price could rise and test the $63,200 resistance level. Any more gains might send the price toward the $65,000 resistance level.<\/p>\n

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

If Bitcoin fails to rise above the $61,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,500 level.<\/p>\n

The first major support is near the $60,000 level. The next support is now near the $59,200 zone. Any more losses might send the price toward the $58,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $60,500, followed by $60,000.<\/p>\n

Major Resistance Levels \u2013 $61,500, and $62,500.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price is consolidating above the $60,000 support. BTC could aim for a fresh increase unless there is a close below the $60,000 support. Bitcoin is consolidating above the $60,000 support zone. The price is trading below $61,500 and the 100 hourly Simple moving average. There is a key bearish trend line with resistance at […]<\/p>\n","protected":false},"author":0,"featured_media":11156,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11155","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\/11155"}],"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=11155"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11155\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11156"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}