{"id":7612,"date":"2024-09-18T03:12:03","date_gmt":"2024-09-18T03:12:03","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=7612"},"modified":"2024-09-18T03:12:03","modified_gmt":"2024-09-18T03:12:03","slug":"bitcoin-price-bounces-back-but-can-it-sustain-above-60k","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=7612","title":{"rendered":"Bitcoin Price Bounces Back, But Can It Sustain Above $60K?"},"content":{"rendered":"

Bitcoin price started another increase above the $58,500 resistance. BTC is back above $60,000 and again struggling to continue higher.<\/em><\/p>\n

Bitcoin is correcting gains from the $61,200 resistance zone.
\nThe price is trading above $59,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $60,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could climb again if it stays above the $59,400 support zone.<\/p>\n

Bitcoin Price Reclaims $60K<\/h2>\n

Bitcoin price remained supported above the $57,500 level<\/a>. BTC formed a base and started another increase above the $58,500 resistance zone. There was a clear move above the $60,000 level.<\/p>\n

The price tested the $61,200 resistance zone. A high was formed at $61,300 and the price is now correcting gains. There was a move below the $60,500 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $57,488 swing low to the $61,300 high.<\/p>\n

Bitcoin is now trading above $59,500 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $60,500 level. There is also a connecting bearish trend line forming with resistance at $60,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

The first key resistance is near the $60,650 level. A clear move above the $60,650 resistance might start a steady increase in the coming sessions. The next key resistance could be $61,200. A close above the $61,200 resistance might spark more upsides. In the stated case, the price could rise and test the $62,500 resistance.<\/p>\n

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

If Bitcoin fails to rise above the $60,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,000 level.<\/p>\n

The first major support is $59,750. The next support is now near the $59,400 zone and the 100 hourly Simple moving average or the 50% Fib retracement level of the upward move from the $57,488 swing low to the $61,300 high. Any more losses might send the price toward the $58,450 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 $60,000, followed by $59,400.<\/p>\n

Major Resistance Levels \u2013 $60,500, and $61,200.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started another increase above the $58,500 resistance. BTC is back above $60,000 and again struggling to continue higher. Bitcoin is correcting gains from the $61,200 resistance zone. The price is trading above $59,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $60,500 on […]<\/p>\n","protected":false},"author":0,"featured_media":7613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7612","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\/7612"}],"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=7612"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7612\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/7613"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}