{"id":8970,"date":"2024-09-24T02:41:20","date_gmt":"2024-09-24T02:41:20","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=8970"},"modified":"2024-09-24T02:41:20","modified_gmt":"2024-09-24T02:41:20","slug":"bitcoin-price-eases-off-highs-will-gains-be-cut-further","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=8970","title":{"rendered":"Bitcoin Price Eases Off Highs: Will Gains Be Cut Further?"},"content":{"rendered":"

Bitcoin price gained pace above the $63,500 resistance. BTC tested the $64,800 zone and is currently correcting gains.<\/em><\/p>\n

Bitcoin is correcting gains from the $64,800 zone.
\nThe price is trading below $63,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $63,240 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend losses if it breaks the $62,450 support zone.<\/p>\n

Bitcoin Price Starts Pullback<\/h2>\n

Bitcoin price extended its increase<\/a> above the $63,500 level. BTC was able to clear the $63,800 and $64,200 resistance levels to move further into a positive zone.<\/p>\n

The bulls even pushed the price above the $64,500 level. A high was formed at $64,777 and the price is now correcting gains. There was a drop below the $64,000 and $63,500 support levels. The price dipped below the 61.8% Fib retracement level of the upward move from the $62,440 swing low to the $64,777 high.<\/p>\n

Bitcoin is now trading below $63,500 and the 100 hourly Simple moving average<\/a>. It is also below the 76.4% Fib retracement level of the upward move from the $62,440 swing low to the $64,777 high.<\/p>\n

If there is a fresh increase, the price could face resistance near the $63,250 level. There is also a connecting bearish trend line forming with resistance at $63,240 on the hourly chart of the BTC\/USD pair. The first key resistance is near the $63,500 level. A clear move above the $63,500 resistance might send the price higher.<\/p>\n

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

The next key resistance could be $64,200. A close above the $64,200 resistance might spark more upsides. In the stated case, the price could rise and test the $64,750 resistance.<\/p>\n

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

If Bitcoin fails to rise above the $63,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,750 level.<\/p>\n

The first major support is $62,450. The next support is now near the $62,000 zone. Any more losses might send the price toward the $61,200 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $62,750, followed by $62,450.<\/p>\n

Major Resistance Levels \u2013 $63,500, and $64,200.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price gained pace above the $63,500 resistance. BTC tested the $64,800 zone and is currently correcting gains. Bitcoin is correcting gains from the $64,800 zone. The price is trading below $63,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $63,240 on the hourly chart […]<\/p>\n","protected":false},"author":0,"featured_media":8971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8970","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\/8970"}],"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=8970"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8970\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/8971"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}