{"id":11930,"date":"2024-10-07T02:40:14","date_gmt":"2024-10-07T02:40:14","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=11930"},"modified":"2024-10-07T02:40:14","modified_gmt":"2024-10-07T02:40:14","slug":"bitcoin-price-ready-to-resume-gains-can-the-uptrend-return","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=11930","title":{"rendered":"Bitcoin Price Ready to Resume Gains: Can the Uptrend Return?"},"content":{"rendered":"

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.<\/em><\/p>\n

Bitcoin is eyeing a fresh increase above the $63,500 zone.
\nThe price is trading above $63,250 and the 100 hourly Simple moving average.
\nThere 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).
\nThe pair could continue to rise if it clears the $64,200 resistance zone.<\/p>\n

Bitcoin Price Regains Traction<\/h2>\n

Bitcoin price formed a support base above the $60,000 zone<\/a>. 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.<\/p>\n

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.<\/p>\n

Bitcoin price is now trading above $63,250 and the 100 hourly Simple moving average<\/a>. There is also a connecting bullish trend line forming with support at $62,900 on the hourly chart of the BTC\/USD pair.<\/p>\n

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.<\/p>\n

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

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.<\/p>\n

Are Dips Supported In BTC?<\/h2>\n

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.<\/p>\n

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.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $63,500, followed by $63,000.<\/p>\n

Major Resistance Levels \u2013 $64,000, and $64,200.<\/p>","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":0,"featured_media":11931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11930","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\/11930"}],"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=11930"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11931"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}