{"id":11420,"date":"2024-10-04T02:33:34","date_gmt":"2024-10-04T02:33:34","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=11420"},"modified":"2024-10-04T02:33:34","modified_gmt":"2024-10-04T02:33:34","slug":"bitcoin-price-poised-for-recovery-will-the-uptrend-resume","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=11420","title":{"rendered":"Bitcoin Price Poised for Recovery: Will the Uptrend Resume?"},"content":{"rendered":"

Bitcoin price is consolidating above the $60,000 support. BTC seems to be eyeing a fresh increase above the $61,200 and $61,500 levels.<\/em><\/p>\n

Bitcoin is consolidating above the $60,000 support zone.
\nThe price is trading below $61,750 and the 100 hourly Simple moving average.
\nThere was a break above a key bearish trend line with resistance at $60,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if it clears the $61,200 resistance zone.<\/p>\n

Bitcoin Price Signals Positive Moves<\/h2>\n

Bitcoin price extended its decline<\/a> below the $61,200 support. BTC broke the $60,500 and $60,200 support levels to move into a short-term bearish zone. The price even dipped below $60,000.<\/p>\n

A low was formed at $59,850 and the price is now consolidating losses<\/a>. There was a minor increase above the $60,450 level. The price climbed above the 50% Fib retracement level of the downward move from the $62,350 swing high to the $59,850 low.<\/p>\n

There was also a break above a key bearish trend line with resistance at $60,850 on the hourly chart of the BTC\/USD pair. Bitcoin is now trading below $61,750 and the 100 hourly Simple moving average.<\/p>\n

On the upside, the price could face resistance near the $61,400 level. The first key resistance is near the $61,750 level or the 76.4% Fib retracement level of the downward move from the $62,350 swing high to the $59,850 low. A clear move above the $61,750 resistance might send the price higher. The next key resistance could be $62,350.<\/p>\n

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

A close above the $62,350 resistance might initiate more gains. In the stated case, the price could rise and test the $62,850 resistance level. Any more gains might send the price toward the $63,200 resistance level.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $61,750 resistance zone, it could start another decline. Immediate support on the downside is near the $60,450 level.<\/p>\n

The first major support is near the $60,000 level. The next support is now near the $59,850 zone. Any more losses might send the price toward the $58,800 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 $60,450, followed by $60,000.<\/p>\n

Major Resistance Levels \u2013 $61,400, and $61,750.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price is consolidating above the $60,000 support. BTC seems to be eyeing a fresh increase above the $61,200 and $61,500 levels. Bitcoin is consolidating above the $60,000 support zone. The price is trading below $61,750 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance […]<\/p>\n","protected":false},"author":0,"featured_media":11421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11420","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\/11420"}],"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=11420"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11420\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11421"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}