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Cryptocurrency News Articles
Bitcoin (BTC) Price Analysis: Consolidation Phase Precedes Potential Gains Above $63,000 Mark
Oct 15, 2024 at 02:49 pm
Bitcoin's price trajectory experienced a promising uptick as it surged past the $62,000 resistance threshold. Currently in a consolidation phase, Bitcoin appears poised for potential gains above the $63,000 mark.
Bitcoin’s price experienced a promising uptick as it surged past the $62,000 resistance threshold. Currently in a consolidation phase, Bitcoin appears poised for potential gains above the $63,000 mark.
Despite recent efforts, Bitcoin encountered challenges in breaking through the $63,200 barrier. The cryptocurrency traded comfortably above $61,500, maintaining its position above the 100-hourly Simple Moving Average. However, a short-term declining channel emerged, with resistance at the $63,000 mark on the BTC/USD pair chart.
A shift in momentum could occur if Bitcoin manages to close above the $63,200 resistance zone. Such a move would serve as a catalyst for further appreciation in value.
Following its formation of a resilient base, Bitcoin’s price commenced an ascent, surpassing the $61,200 resistance level and signaling a shift to positive territory by breaching $62,000. Although it briefly spiked above $63,000, bearish forces intervened. The peak at $63,445 was followed by a retreat, leading to minor declines below the $63,000 level and a dip beneath the 23.6% Fibonacci retracement of the recent surge from $58,888 to $63,445.
In its current state, Bitcoin’s price remained above $62,000 and the 100-hourly Simple Moving Average. The upside potential was challenged by resistance near $63,000, reinforced by an emerging short-term declining channel. Overcoming this resistance could lead Bitcoin to target the next significant resistance at $63,500.
A definitive close above $63,200 could ignite further upward momentum, potentially leading Bitcoin to test the $64,500 mark. Should the rally continue, the price could advance towards the $65,000 resistance zone.
Conversely, failing to breach the $63,200 resistance may induce another downward correction. Immediate support can be found near $62,250, with primary support at the $62,000 level. Should this support fail to hold, another support level lies near $61,150, aligning with the 50% Fibonacci retracement of the upswing from $58,888 to $63,445. A breach below these levels could see the price descending to the $60,000 support in the short term.
Technical indicators presented a mixed outlook. To regain momentum, Bitcoin would need to close above the $63,200 resistance zone. Such a move could serve as a catalyst for further appreciation in value.
Following its formation of a resilient base, Bitcoin’s price commenced an ascent, surpassing the $61,200 resistance level and signaling a shift to positive territory by breaching $62,000. Although it briefly spiked above $63,000, bearish forces soon intervened. The peak at $63,445 was followed by a retreat, leading to minor declines below the $63,000 level and a dip beneath the 23.6% Fibonacci retracement of the recent surge from $58,888 to $63,445.
In its current state, Bitcoin’s price remained above $62,000 and the 100-hourly Simple Moving Average. The upside potential was challenged by resistance near $63,000, reinforced by an emerging short-term declining channel. Overcoming this resistance could pave the way for Bitcoin to target the next significant resistance at $63,500.
A definitive close above $63,200 could ignite further upward momentum, potentially leading Bitcoin to test the $64,500 mark. Should the rally continue, the price could advance towards the $65,000 resistance zone.
Conversely, failing to breach the $63,200 resistance may induce another downward correction. Immediate support can be found near $62,250, with primary support at the $62,000 level. Should this support fail to hold, another support level lies near $61,150, aligning with the 50% Fibonacci retracement of the upswing from $58,888 to $63,445. A breach below these levels could see the price descending to the $60,000 support in the short term.
Crucial support levels are situated at $62,000 and $61,150, while resistance levels are identified at $63,000 and $63,5
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