{"id":8723,"date":"2024-09-23T02:47:03","date_gmt":"2024-09-23T02:47:03","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=8723"},"modified":"2024-09-23T02:47:03","modified_gmt":"2024-09-23T02:47:03","slug":"bitcoin-price-regains-strength-is-a-new-rally-brewing","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=8723","title":{"rendered":"Bitcoin Price Regains Strength: Is a New Rally Brewing?"},"content":{"rendered":"

Bitcoin price gained pace above the $62,500 resistance. BTC even cleared the $63,200 level and is now consolidating gains above $63,500.<\/em><\/p>\n

Bitcoin is gaining pace above the $63,200 resistance zone.
\nThe price is trading above $63,400 and the 100 hourly Simple moving average.
\nThere was a break above a connecting bearish trend line with resistance at $63,220 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend gains if it stays above the $62,500 support zone.<\/p>\n

Bitcoin Price Extend Gains Above $63,500<\/h2>\n

Bitcoin price extended its increase above the $62,500 level<\/a>. BTC was able to clear the $62,800 and $63,200 resistance levels to move further into a positive zone.<\/p>\n

There was also a break above a connecting bearish trend line with resistance at $63,220 on the hourly chart of the BTC\/USD pair. The bulls even pushed the price above the $63,500 level. A high was formed at $63,965 and the price is now consolidating gains<\/a>.<\/p>\n

There was a minor move below the $63,750 level. The price dipped and tested the 23.6% Fib retracement level of the upward move from the $62,440 swing low to the $63,965 high.<\/p>\n

Bitcoin is now trading above $63,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $63,950 level. The first key resistance is near the $64,200 level. A clear move above the $64,200 resistance might send the price higher.<\/p>\n

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

The next key resistance could be $65,000. A close above the $65,000 resistance might spark more upsides. In the stated case, the price could rise and test the $65,500 resistance.<\/p>\n

Are Dips Supported In BTC?<\/h2>\n

If Bitcoin fails to rise above the $63,950 resistance zone, it could start a downside correction. Immediate support on the downside is near the $63,500 level.<\/p>\n

The first major support is $63,200 and the 50% Fib retracement level of the upward move from the $62,440 swing low to the $63,965 high. The next support is now near the $62,500 zone. Any more losses might send the price toward the $61,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining 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 $63,500, followed by $63,200.<\/p>\n

Major Resistance Levels \u2013 $63,950, and $64,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price gained pace above the $62,500 resistance. BTC even cleared the $63,200 level and is now consolidating gains above $63,500. Bitcoin is gaining pace above the $63,200 resistance zone. The price is trading above $63,400 and the 100 hourly Simple moving average. There was a break above a connecting bearish trend line with resistance […]<\/p>\n","protected":false},"author":0,"featured_media":8724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8723","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\/8723"}],"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=8723"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8723\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/8724"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}