{"id":12493,"date":"2024-10-09T02:40:07","date_gmt":"2024-10-09T02:40:07","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=12493"},"modified":"2024-10-09T02:40:07","modified_gmt":"2024-10-09T02:40:07","slug":"bitcoin-price-pauses-eyeing-a-fresh-increase-can-bulls-deliver","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=12493","title":{"rendered":"Bitcoin Price Pauses, Eyeing a Fresh Increase: Can Bulls Deliver?"},"content":{"rendered":"

Bitcoin price corrected gains and tested the $61,850 zone. BTC is consolidating and might aim for a fresh increase above the $62,500 resistance.<\/em><\/p>\n

Bitcoin is holding gains above the $61,850 zone.
\nThe price is trading below $62,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $61,450 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 $61,700 zone.<\/p>\n

Bitcoin Price Eyes Another Increase<\/h2>\n

Bitcoin price failed to settle above $65,000 and started a fresh decline<\/a>. BTC traded below the $64,000 and $63,500 levels. It even broke the $62,500 support.<\/p>\n

A low was formed at $61,825 and the price is now consolidating losses. There was a minor increase above the $62,250 level. The price tested the 23.6% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low.<\/p>\n

Bitcoin price is now trading below $62,500 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $62,500 level. There is also a connecting bearish trend line forming with resistance at $61,450 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first key resistance is near the $63,150 level or the 50% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low. A clear move above the $63,150 resistance might send the price higher. The next key resistance could be $64,200.<\/p>\n

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

A close above the $64,200 resistance might initiate more gains. In the stated case, the price could rise and test the $65,000 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 $62,500 resistance zone, it could start another decline. Immediate support on the downside is near the $62,000 level.<\/p>\n

The first major support is near the $61,850 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 $62,000, followed by $61,850.<\/p>\n

Major Resistance Levels \u2013 $62,500, and $63,150.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price corrected gains and tested the $61,850 zone. BTC is consolidating and might aim for a fresh increase above the $62,500 resistance. Bitcoin is holding gains above the $61,850 zone. The price is trading below $62,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at […]<\/p>\n","protected":false},"author":0,"featured_media":12494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12493","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\/12493"}],"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=12493"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/12493\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/12494"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}