{"id":9812,"date":"2024-09-27T02:40:42","date_gmt":"2024-09-27T02:40:42","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=9812"},"modified":"2024-09-27T02:40:42","modified_gmt":"2024-09-27T02:40:42","slug":"bitcoin-price-back-on-track-can-it-maintain-traction","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=9812","title":{"rendered":"Bitcoin Price Back on Track: Can It Maintain Traction?"},"content":{"rendered":"

Bitcoin price started a fresh increase above the $64,750 resistance. BTC is now consolidating near $65,000 and might remain supported.<\/em><\/p>\n

Bitcoin is consolidating gains near the $65,000 zone.
\nThe price is trading above $64,200 and the 100 hourly Simple moving average.
\nThere is a short-term contracting triangle forming with resistance at $65,250 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 $65,250 resistance zone.<\/p>\n

Bitcoin Price Regains Strength<\/h2>\n

Bitcoin price remained supported<\/a> near the $62,650 level. BTC formed a base and started a fresh increase above the $63,500 resistance zone. It gained pace for a move above the $64,200 resistance zone.<\/p>\n

The bulls even pumped the price above $65,000. A high was formed at $65,764 and the price is now consolidating gains. There was a minor decline below the $65,200 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $62,673 swing low to the $65,764 high.<\/p>\n

Bitcoin is now trading above $64,500 and the 100 hourly Simple moving average<\/a>. If there is a fresh increase, the price could face resistance near the $65,250 level. There is also a short-term contracting triangle forming with resistance at $65,250 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

The first key resistance is near the $65,500 level. A clear move above the $65,500 resistance might send the price higher. The next key resistance could be $66,200. A close above the $66,200 resistance might spark more upsides. In the stated case, the price could rise and test the $67,500 resistance level.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $65,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,850 level.<\/p>\n

The first major support is near the $63,850 level and the 61.8% Fib retracement level of the upward move from the $62,673 swing low to the $65,764 high. The next support is now near the $63,500 zone. Any more losses might send the price toward the $62,650 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 $64,850, followed by $63,850.<\/p>\n

Major Resistance Levels \u2013 $65,250, and $65,500.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started a fresh increase above the $64,750 resistance. BTC is now consolidating near $65,000 and might remain supported. Bitcoin is consolidating gains near the $65,000 zone. The price is trading above $64,200 and the 100 hourly Simple moving average. There is a short-term contracting triangle forming with resistance at $65,250 on the hourly […]<\/p>\n","protected":false},"author":0,"featured_media":9813,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9812","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\/9812"}],"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=9812"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9812\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9813"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}