24 October 2024
Bitcoin price tested the $65,200 zone before the bulls appeared. BTC is now rising and aiming for more upsides above the $67,500 resistance.
Bitcoin extended losses and tested the $65,200 zone.
The price is trading below $67,500 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $66,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $67,500 resistance zone.
Bitcoin Price Starts Fresh Increase
Bitcoin price extended its downside correction below the $66,500 level. There was a move below the $66,000 and $65,500 levels. The price even tested the $65,200 support zone.
A low was formed at $65,199 and the price is again rising. There was a clear move above the $66,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $69,425 swing high to the $65,199 low. Besides, there was a break above a key bearish trend line with resistance at $66,800 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading below $67,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $67,300 level or the 50% Fib retracement level of the downward move from the $69,425 swing high to the $65,199 low.
The first key resistance is near the $67,500 level. A clear move above the $67,500 resistance might send the price higher. The next key resistance could be $68,000.
A close above the $68,000 resistance might initiate more gains. In the stated case, the price could rise and test the $69,200 resistance level. Any more gains might send the price toward the $70,000 resistance level.
Another Decline In BTC?
If Bitcoin fails to rise above the $67,500 resistance zone, it could start another decline. Immediate support on the downside is near the $66,500 level.
The first major support is near the $66,200 level. The next support is now near the $66,000 zone. Any more losses might send the price toward the $65,200 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 – $66,500, followed by $66,200.
Major Resistance Levels – $67,500, and $68,000.