{"id":13577,"date":"2024-10-14T03:39:34","date_gmt":"2024-10-14T03:39:34","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=13577"},"modified":"2024-10-14T03:39:34","modified_gmt":"2024-10-14T03:39:34","slug":"bitcoin-price-restarts-its-climb-is-the-rally-back-on","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=13577","title":{"rendered":"Bitcoin Price Restarts Its Climb: Is The Rally Back On?"},"content":{"rendered":"

Bitcoin price started a fresh increase above the $62,000 resistance zone. BTC is now consolidating and might aim for more upsides above $63,000.<\/em><\/p>\n

Bitcoin is struggling to start a fresh increase above the $63,200 zone.
\nThe price is trading above $61,500 and the 100 hourly Simple moving average.
\nThere is a short-term declining channel forming with resistance at $63,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could regain traction if there is a close above the $63,200 resistance zone.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price formed a base and started a fresh increase<\/a> above the $61,200 resistance. BTC cleared the $62,000 resistance to move into a positive zone. The price even spiked above $63,000 before the bears appeared.<\/p>\n

A high was formed at $63,445 and the price is now consolidating gains. There was a minor decline below the $63,000 level. There was a minor move below the 23.6% Fib retracement level of the upward move from the $58,888 swing low to the $63,445 high.<\/p>\n

Bitcoin price is now trading above $62,000 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $63,000 level. There is also a short-term declining channel forming with resistance at $63,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

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 $63,500.<\/p>\n

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

A close above the $63,200 resistance might initiate more gains. In the stated case, the price could rise and test the $64,500 resistance level. Any more gains might send the price toward the $65,000 resistance level.<\/p>\n

Another Decline 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 $62,250 level.<\/p>\n

The first major support is near the $62,000 level. The next support is now near the $61,150 zone or the 50% Fib retracement level of the upward move from the $58,888 swing low to the $63,445 high. 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 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 $62,000, followed by $61,150.<\/p>\n

Major Resistance Levels \u2013 $63,000, and $63,500.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started a fresh increase above the $62,000 resistance zone. BTC is now consolidating and might aim for more upsides above $63,000. Bitcoin is struggling to start a fresh increase above the $63,200 zone. The price is trading above $61,500 and the 100 hourly Simple moving average. There is a short-term declining channel forming […]<\/p>\n","protected":false},"author":0,"featured_media":13578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13577","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\/13577"}],"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=13577"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/13578"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}