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Cryptocurrency News Articles
Bitcoin (BTC) Price Regains Strength, Might Remain Supported Above $64.750
Sep 27, 2024 at 10:40 am
Bitcoin price remained supported near the $62,650 level. BTC formed a base and started a fresh increase above the $63,500 resistance zone.
Bitcoin price started a fresh increase above the $64,750 resistance. BTC is now consolidating near $65,000 and might remain supported.
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.
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!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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