{"id":12184,"date":"2024-10-08T02:39:41","date_gmt":"2024-10-08T02:39:41","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=12184"},"modified":"2024-10-08T02:39:41","modified_gmt":"2024-10-08T02:39:41","slug":"bitcoin-price-pulls-back-can-it-recover-after-correcting-gains","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=12184","title":{"rendered":"Bitcoin Price Pulls Back: Can It Recover After Correcting Gains?"},"content":{"rendered":"

Bitcoin price struggled to continue higher above the $64,400 level. BTC is correcting gains and trading near the $62,500 support zone.<\/em><\/p>\n

Bitcoin is holding gains above the $62,500 zone.
\nThe price is trading above $62,500 and the 100 hourly Simple moving average.
\nThere was a break below a connecting bullish trend line with support at $63,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase unless there is a close below the $61,650 zone.<\/p>\n

Bitcoin Price Corrects Gains<\/h2>\n

Bitcoin price extended its increase<\/a> above the $63,500 zone. BTC even cleared the $64,200 resistance zone. However, the bears were active below $64,500.<\/p>\n

It traded as high as $64,419 and the price is now correcting gains<\/a>. There was a move below the $64,000 and $63,500 levels. The price dipped below the 50% Fib retracement level of the upward move from the $61,723 swing low to the $64,41 high.<\/p>\n

Besides, there was a break below a connecting bullish trend line with support at $63,000 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading above $62,500 and the 100 hourly Simple moving average. The bulls are also protecting the 76.4% Fib retracement level of the upward move from the $61,723 swing low to the $64,41 high.<\/p>\n

On the upside, the price could face resistance near the $63,000 level. The first key resistance is near the $63,200 level. A clear move above the $63,200 resistance might send the price higher. The next key resistance could be $64,000.<\/p>\n

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

A close above the $64,000 resistance might initiate more gains. In the stated case, the price could rise and test the $64,400 resistance level. Any more gains might send the price toward the $65,500 resistance level.<\/p>\n

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

If Bitcoin fails to rise above the $63,200 resistance zone, it could start another decline. Immediate support on the downside is near the $62,500 level.<\/p>\n

The first major support is near the $61,750 level. The next support is now near the $61,200 zone. Any more losses might send the price toward the $60,000 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 $62,500, followed by $61,750.<\/p>\n

Major Resistance Levels \u2013 $63,200, and $64,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price struggled to continue higher above the $64,400 level. BTC is correcting gains and trading near the $62,500 support zone. Bitcoin is holding gains above the $62,500 zone. The price is trading above $62,500 and the 100 hourly Simple moving average. There was a break below a connecting bullish trend line with support at […]<\/p>\n","protected":false},"author":0,"featured_media":12185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12184","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\/12184"}],"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=12184"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/12184\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/12185"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}