{"id":17607,"date":"2024-11-04T03:13:39","date_gmt":"2024-11-04T03:13:39","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=17607"},"modified":"2024-11-04T03:13:39","modified_gmt":"2024-11-04T03:13:39","slug":"bitcoin-price-eyes-70k-comeback-will-bulls-push-it-higher","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=17607","title":{"rendered":"Bitcoin Price Eyes $70K Comeback: Will Bulls Push It Higher?"},"content":{"rendered":"

Bitcoin price is correcting losses from the $67,500 zone. BTC is recovering and might soon aim for a move above the $70,000 resistance zone.<\/em><\/p>\n

Bitcoin started a fresh decline from the $72,500 zone.
\nThe price is trading below $70,500 and the 100 hourly Simple moving average.
\nThere was a break above a connecting bearish trend line with resistance at $68,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bullish pace if it settles above the $70,000 resistance zone.<\/p>\n

Bitcoin Price Aims Recovery<\/h2>\n

Bitcoin price failed to trade to a new all-time and started a fresh decline<\/a> below the $72,500 zone. There was a move below the $71,500 and $70,000 support levels.<\/p>\n

The price even declined below $68,500 and tested $67,500. A low was formed at $67,483 and the price is now attempting to recover. There was a move above the $68,500 resistance. The price surpassed the 23.6% Fib retracement level of the downward move from the $73,576 swing high to the $67,483 low.<\/p>\n

There was a break above a connecting bearish trend line with resistance at $68,300 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading below $70,000 and the 100 hourly Simple moving average<\/a>.<\/p>\n

On the upside, the price could face resistance near the $69,500 level. It is close to the 50% Fib retracement level of the downward move from the $73,576 swing high to the $67,483 low. The first key resistance is near the $70,000 level. A clear move above the $70,000 resistance might send the price higher. The next key resistance could be $71,200.<\/p>\n

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

A close above the $71,200 resistance might initiate more gains. In the stated case, the price could rise and test the $72,500 resistance level. Any more gains might send the price toward the $73,200 resistance level.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $70,000 resistance zone, it could start another decline. Immediate support on the downside is near the $68,000 level.<\/p>\n

The first major support is near the $67,500 level. The next support is now near the $67,200 zone. Any more losses might send the price toward the $66,500 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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $68,000, followed by $67,500.<\/p>\n

Major Resistance Levels \u2013 $69,500, and $70,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price is correcting losses from the $67,500 zone. BTC is recovering and might soon aim for a move above the $70,000 resistance zone. Bitcoin started a fresh decline from the $72,500 zone. The price is trading below $70,500 and the 100 hourly Simple moving average. There was a break above a connecting bearish trend […]<\/p>\n","protected":false},"author":0,"featured_media":17608,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17607","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\/17607"}],"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=17607"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17607\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/17608"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}