Fun

Bitcoin Price Ready to Resume Gains: Can the Uptrend Return?

News Feed - 2024-10-07 11:10:14

Este artículo también está disponible en español.


Bitcoin price started a fresh increase above the $62,000 zone. BTC is gaining pace and might aim for more gains above the $63,500 zone. Bitcoin is eyeing a fresh increase above the $63,500 zone. The price is trading above $63,250 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $62,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise if it clears the $64,200 resistance zone. Bitcoin Price Regains Traction


Bitcoin price formed a support base above the $60,000 zone. BTC started a fresh increase above the $61,200 and $62,000 resistance levels. The bulls even pumped the price above the $63,000 resistance.


It traded as high as $63,949 and the price is now consolidating gains. It seems like the price is showing signs of a fresh rally above $63,500. BTC is above the 23.6% Fib retracement level of the upward move from the $62,324 swing low to the $63,949 high.


Bitcoin price is now trading above $63,250 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $62,900 on the hourly chart of the BTC/USD pair.


On the upside, the price could face resistance near the $64,000 level. The first key resistance is near the $64,200 level. A clear move above the $64,200 resistance might send the price higher. The next key resistance could be $65,000. Source: BTCUSD on TradingView.com


A close above the $65,000 resistance might initiate more gains. In the stated case, the price could rise and test the $65,500 resistance level. Any more gains might send the price toward the $66,500 resistance level. Are Dips Supported In BTC?


If Bitcoin fails to rise above the $64,000 resistance zone, it could start another decline. Immediate support on the downside is near the $63,500 level.


The first major support is near the $63,000 level or the 50% Fib retracement level of the upward move from the $62,324 swing low to the $63,949 high or the trend line. The next support is now near the $62,500 zone. Any more losses might send the price toward the $61,800 support in the near term.


Technical indicators:


Hourly MACD – The MACD is now gaining pace in the bullish zone.


Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.


Major Support Levels – $63,500, followed by $63,000.


Major Resistance Levels – $64,000, and $64,200.

News Feed

Helen Partz12 hours agoCrypto wallet Trezor looks into phishing campaign, exec saysTrezor’s brand ambassador Josef Tetek emphasized that the hardware wallet firm never asks for users’ recovery seed, PIN or passphrase
ADALend: Announcing Imminent Cross-Platform Development
ADALend: Announcing Imminent Cross-Platform Development sponsored ADALend, currently in the process of developing a decentralized financing (DeFi) project has just announced its pla
Kenyans Cautioned Against Investing in BTC Company Promising Returns of 400% in Six Hours
Kenyans Cautioned Against Investing in BTC Company Promising Returns of 400% in Six Hours A Kenyan regulator, the Capital Markets Authority (CMA), has cautioned
Firstrade Lists ENJ, MKR, BNT & COMP
Firstrade Lists ENJ, MKR, BNT & COMP sponsored Just weeks after launching its cryptocurrency trading platform, online brokerage Firstrade Securities has already begun expanding its
Anchor Protocol’s Earn Rate Adjusts for the First Time, From 19.4 to 18% APY
Anchor Protocol"s Earn Rate Adjusts for the First Time, From 19.4 to 18% APY Following the governance vote that aimed to implement a semi-dynamic earn rate for the Anchor Protocol,
Multichain Wallet Bitkeep Raises $30 Million From Bitget to Strengthen Links Between Defi and Cefi
Multichain Wallet Bitkeep Raises $30 Million From Bitget to Strengthen Links Between Defi and Cefi On Wednesday, the multichain wallet Bitkeep announced it raised $30 million from
Brayden Lindrea19 hours agoFake Ledger Live app sneaks into Microsoft’s app store, $588K stolenThe $588,000 was stolen across 38 transactions, with the largest transfer totaling $81,200.23329 Total views124 Total share
Ezra Reguerra12 hours agoIMF working paper proposes country-level assessment matrix for crypto risksThe matrix aims to identify potential risks associated with the crypto space and policy responses for regulators.1215 To
LeisurePay Announces Dual Listings on Bitmart and Probit Global
LeisurePay Announces Dual Listings on Bitmart and Probit Global press release PRESS RELEASE.LeisurePay, a merchant payment solutions provider using blockchain technology and powered
European Citizens Reject EU-Imposed Crypto Regulation
European Citizens Reject EU-Imposed Crypto Regulation Most European citizens reject the idea of a cryptocurrency regulation regime imposed by the European Union (EU) on its member
Derek Andersen2 hours agoCBDC supporter likely in White House next term, crypto divide not red v. blue: GrayscaleThe crypto asset manager took a look at the leading U.S. presidential candidates’ positions and did not s
French Central Banker Warns Complex Crypto Regulations Could Create ‘Uneven Playing Field’
French Central Banker Warns Complex Crypto Regulations Could Create "Uneven Playing Field" The governor of France’s central bank, François Villeroy de Galhau, has urged