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Cryptocurrency News Articles
Bitcoin (BTC) Price Extends Increase Above $66K, Might Correct Gains
Sep 30, 2024 at 10:33 am
Bitcoin price remained supported near the $63250 level. BTC extended its increase above the $65500 resistance zone.
Bitcoin price remained supported near the $63,250 level. Later, BTC extended its increase above the $65,500 resistance zone. It even cleared the $66,000 level. A high was formed at $66,452 and the price is now correcting gains. There was a decline below the $66,000 level.
The price dipped below the 23.6% Fib retracement level of the upward move from the $62,672 swing low to the $66,452 high. There was a break below a short-term bullish trend line with support at $65,750 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $65,500 and the 100 hourly Simple moving average. The bulls are now trying to protect the $64,500 zone. If there is a fresh increase, the price could face resistance near the $65,250 level.
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 $66,500. A close above the $66,500 resistance might spark more upsides. In the stated case, the price could rise and test the $68,000 resistance level.
More Losses In BTC?
If Bitcoin fails to rise above the $65,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,200 level and the 61.8% Fib retracement level of the upward move from the $62,672 swing low to the $66,452 high.
The first major support is near the $64,000 level. 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 gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $64,200, followed by $64,000.
Major Resistance Levels – $65,250, and $65,500.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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