{"id":13086,"date":"2024-10-11T03:03:41","date_gmt":"2024-10-11T03:03:41","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=13086"},"modified":"2024-10-11T03:03:41","modified_gmt":"2024-10-11T03:03:41","slug":"bitcoin-price-encounters-resistance-will-it-clear-the-hurdles","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=13086","title":{"rendered":"Bitcoin Price Encounters Resistance: Will It Clear The Hurdles?"},"content":{"rendered":"

Bitcoin price extended losses and traded below the $60,000 zone. BTC is now attempting a recovery wave and facing hurdles near $60,800.<\/em><\/p>\n

Bitcoin is struggling to start a fresh increase above the $61,200 zone.
\nThe price is trading below $61,000 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance at $60,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could struggle to recover if it stays below the $62,000 resistance zone.<\/p>\n

Bitcoin Price Falls Again<\/h2>\n

Bitcoin price failed to start a fresh increase above $62,000 and started a fresh decline<\/a>. BTC traded below the $61,500 and $60,500 levels. It even broke the $60,000 support.<\/p>\n

A low was formed at $58,888 and the price is now consolidating losses. There was a minor increase above the $60,000 level. The price was able to climb above the 23.6% Fib retracement level of the downward move from the $64,420 swing high to the $58,888 low.<\/p>\n

Bitcoin price is now trading below $61,000 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $60,800 level. There is also a key bearish trend line forming with resistance at $60,800 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first key resistance is near the $61,650 level or the 50% Fib retracement level of the downward move from the $64,420 swing high to the $58,888 low. A clear move above the $61,650 resistance might send the price higher. The next key resistance could be $62,000.<\/p>\n

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

A close above the $62,000 resistance might initiate more gains. In the stated case, the price could rise and test the $63,200 resistance level. Any more gains might send the price toward the $64,000 resistance level.<\/p>\n

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

If Bitcoin fails to rise above the $60,800 resistance zone, it could start another decline. Immediate support on the downside is near the $59,600 level.<\/p>\n

The first major support is near the $58,850 level. The next support is now near the $58,500 zone. Any more losses might send the price toward the $57,200 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 $59,600, followed by $58,850.<\/p>\n

Major Resistance Levels \u2013 $60,800, and $61,650.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price extended losses and traded below the $60,000 zone. BTC is now attempting a recovery wave and facing hurdles near $60,800. Bitcoin is struggling to start a fresh increase above the $61,200 zone. The price is trading below $61,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming […]<\/p>\n","protected":false},"author":0,"featured_media":13087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13086","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\/13086"}],"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=13086"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/13087"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}