Bitcoin Price Back on Track: Can It Maintain Traction?
September 26 2024 - 10:40PM
NEWSBTC
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 chart of the BTC/USD pair (data
feed from Kraken). The pair could start another increase if there
is a clear move above the $65,250 resistance zone. Bitcoin Price
Regains Strength Bitcoin price remained supported 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. 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.
Bitcoin is now trading above $64,500 and the 100 hourly Simple
moving average. 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. 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. Another Decline In BTC? 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. 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. Technical indicators: Hourly MACD – The MACD is now losing
pace in the bullish zone. Hourly RSI (Relative Strength Index) –
The RSI for BTC/USD is now above the 50 level. Major Support Levels
– $64,850, followed by $63,850. Major Resistance Levels – $65,250,
and $65,500.
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