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Home Market & Analysis

Bitcoin Price Back on Track: Can It Maintain Traction?

n70products by n70products
September 27, 2024
in Market & Analysis
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Bitcoin Price Back on Track: Can It Maintain Traction?
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Bitcoin worth began a recent enhance above the $64,750 resistance. BTC is now consolidating close to $65,000 and would possibly stay supported.

  • Bitcoin is consolidating good points close to the $65,000 zone.
  • The value is buying and selling above $64,200 and the 100 hourly Easy shifting common.
  • There’s a short-term contracting triangle forming with resistance at $65,250 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may begin one other enhance if there’s a clear transfer above the $65,250 resistance zone.

Bitcoin Value Regains Energy

Bitcoin worth remained supported close to the $62,650 degree. BTC shaped a base and began a recent enhance above the $63,500 resistance zone. It gained tempo for a transfer above the $64,200 resistance zone.

The bulls even pumped the value above $65,000. A excessive was shaped at $65,764 and the value is now consolidating good points. There was a minor decline under the $65,200 degree. The value dipped under the 23.6% Fib retracement degree of the upward transfer from the $62,673 swing low to the $65,764 excessive.

Bitcoin is now buying and selling above $64,500 and the 100 hourly Simple moving average. If there’s a recent enhance, the value may face resistance close to the $65,250 degree. There’s additionally a short-term contracting triangle forming with resistance at $65,250 on the hourly chart of the BTC/USD pair.

Bitcoin Price
Supply: BTCUSD on TradingView.com

The primary key resistance is close to the $65,500 degree. A transparent transfer above the $65,500 resistance would possibly ship the value larger. The subsequent key resistance may very well be $66,200. An in depth above the $66,200 resistance would possibly spark extra upsides. Within the acknowledged case, the value may rise and take a look at the $67,500 resistance degree.

One other Decline In BTC?

If Bitcoin fails to rise above the $65,250 resistance zone, it may proceed to maneuver down. Quick help on the draw back is close to the $64,850 degree.

The primary main help is close to the $63,850 degree and the 61.8% Fib retracement degree of the upward transfer from the $62,673 swing low to the $65,764 excessive. The subsequent help is now close to the $63,500 zone. Any extra losses would possibly ship the value towards the $62,650 help within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

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

Main Help Ranges – $64,850, adopted by $63,850.

Main Resistance Ranges – $65,250, and $65,500.



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