{"id":20683,"date":"2024-11-15T02:45:31","date_gmt":"2024-11-15T02:45:31","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=20683"},"modified":"2024-11-15T02:45:31","modified_gmt":"2024-11-15T02:45:31","slug":"bitcoin-price-holds-the-line-is-another-surge-possible","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=20683","title":{"rendered":"Bitcoin Price Holds The Line: Is Another Surge Possible?"},"content":{"rendered":"

Bitcoin price saw a short-term correction from the $93,450 zone. BTC is now consolidating gains near $87,000 and might attempt another increase in the near term.<\/em><\/p>\n

Bitcoin started a downside correction from the $93,450 zone.
\nThe price is trading above $87,000 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $90,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if it stays above the $87,000 zone.<\/p>\n

Bitcoin Price Starts Downside Correction<\/h2>\n

Bitcoin price attempted more gains<\/a> above the $93,000 level. BTC traded to a new all-time high at $93,435 and recently started a short-term downside correction.<\/p>\n

There was a minor decline below the $90,000 level. The price even dipped below the $88,000 level. A low was formed at $86,621 and the price is now consolidating. It is slowly moving higher and trading near the 23.6% Fib retracement level of the downward move from the $93,435 swing high to the $86,621 low.<\/p>\n

Bitcoin price is now trading above $87,000 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $90,000 level. There is also a connecting bearish trend line forming with resistance at $90,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

The trend line is close to the 50% Fib retracement level of the downward move from the $93,435 swing high to the $86,621 low. The first key resistance is near the $90,850 level. A clear move above the $90,850 resistance might send the price higher.<\/p>\n

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

The next key resistance could be $91,500. A close above the $91,500 resistance might initiate more gains. In the stated case, the price could rise and test the $93,450 resistance level. Any more gains might send the price toward the $95,000 resistance level.<\/p>\n

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

If Bitcoin fails to rise above the $90,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $87,150 level.<\/p>\n

The first major support is near the $86,500 level. The next support is now near the $85,280 zone. Any more losses might send the price toward the $82,500 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 below the 80 level.<\/p>\n

Major Support Levels \u2013 $87,150, followed by $86,500.<\/p>\n

Major Resistance Levels \u2013 $90,000, and $91,500.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price saw a short-term correction from the $93,450 zone. BTC is now consolidating gains near $87,000 and might attempt another increase in the near term. Bitcoin started a downside correction from the $93,450 zone. The price is trading above $87,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line […]<\/p>\n","protected":false},"author":0,"featured_media":20684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-20683","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\/20683"}],"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=20683"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/20683\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/20684"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}