{"id":9510,"date":"2024-09-26T02:45:50","date_gmt":"2024-09-26T02:45:50","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=9510"},"modified":"2024-09-26T02:45:50","modified_gmt":"2024-09-26T02:45:50","slug":"bitcoin-price-sees-dip-is-the-uptrend-still-safe","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=9510","title":{"rendered":"Bitcoin Price Sees Dip: Is the Uptrend Still Safe?"},"content":{"rendered":"

Bitcoin price started a downside correction from the $64,750 resistance. BTC is still above the $62,500 support and might aim for a fresh increase.<\/em><\/p>\n

Bitcoin is consolidating gains below the $63,800 resistance zone.
\nThe price is trading below $63,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line with resistance at $63,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if there is a clear move above the $63,700 resistance zone.<\/p>\n

Bitcoin Price Revisits $62,500<\/h2>\n

Bitcoin price started a downside correction<\/a> after it failed to clear the $64,750 zone. BTC dipped below the $64,000 and $63,500 support levels. There was also a spike below $63,000.<\/p>\n

A low was formed at $63,673 and the price is now consolidating losses. There was a move above the $63,000 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $64,770 swing high to the $62,673 low.<\/p>\n

Bitcoin is now trading below $63,500 and the 100 hourly Simple moving average<\/a>. If there is a fresh increase, the price could face resistance near the $63,250 level. There is also a connecting bearish trend line with resistance at $63,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

The first key resistance is near the $63,700 level. A clear move above the $63,700 resistance might send the price higher. The next key resistance could be $64,000 or the 61.8% Fib retracement level of the downward move from the $64,770 swing high to the $62,673 low. A close above the $64,000 resistance might spark more upsides. In the stated case, the price could rise and test the $64,750 resistance level.<\/p>\n

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

If Bitcoin fails to rise above the $63,700 resistance zone, it could continue to move down. Immediate support on the downside is near the $63,000 level.<\/p>\n

The first major support is near the $62,500 level. 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 losing pace in the bullish 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 $63,000, followed by $62,500.<\/p>\n

Major Resistance Levels \u2013 $63,600, and $64,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started a downside correction from the $64,750 resistance. BTC is still above the $62,500 support and might aim for a fresh increase. Bitcoin is consolidating gains below the $63,800 resistance zone. The price is trading below $63,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line with resistance […]<\/p>\n","protected":false},"author":0,"featured_media":9511,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9510","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\/9510"}],"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=9510"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9510\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9511"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}