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Bitcoin Price Regains Strength: Is a New Rally Brewing?

September 23, 2024Updated:September 23, 2024No Comments3 Mins Read
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Bitcoin Price Regains Strength: Is a New Rally Brewing?
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Bitcoin worth gained tempo above the $62,500 resistance. BTC even cleared the $63,200 degree and is now consolidating positive factors above $63,500.

  • Bitcoin is gaining tempo above the $63,200 resistance zone.
  • The value is buying and selling above $63,400 and the 100 hourly Easy shifting common.
  • There was a break above a connecting bearish pattern line with resistance at $63,220 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may lengthen positive factors if it stays above the $62,500 assist zone.

Bitcoin Worth Lengthen Positive aspects Above $63,500

Bitcoin worth prolonged its enhance above the $62,500 degree. BTC was capable of clear the $62,800 and $63,200 resistance ranges to maneuver additional right into a constructive zone.

There was additionally a break above a connecting bearish pattern line with resistance at $63,220 on the hourly chart of the BTC/USD pair. The bulls even pushed the worth above the $63,500 degree. A excessive was fashioned at $63,965 and the worth is now consolidating positive factors.

There was a minor transfer beneath the $63,750 degree. The value dipped and examined the 23.6% Fib retracement degree of the upward transfer from the $62,440 swing low to the $63,965 excessive.

Bitcoin is now buying and selling above $63,500 and the 100 hourly Easy shifting common. On the upside, the worth may face resistance close to the $63,950 degree. The primary key resistance is close to the $64,200 degree. A transparent transfer above the $64,200 resistance may ship the worth increased.

Bitcoin Price Regains Strength: Is a New Rally Brewing?

The following key resistance could possibly be $65,000. A detailed above the $65,000 resistance may spark extra upsides. Within the said case, the worth may rise and take a look at the $65,500 resistance.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $63,950 resistance zone, it may begin a draw back correction. Rapid assist on the draw back is close to the $63,500 degree.

The primary main assist is $63,200 and the 50% Fib retracement degree of the upward transfer from the $62,440 swing low to the $63,965 excessive. The following assist is now close to the $62,500 zone. Any extra losses may ship the worth towards the $61,500 assist within the close to time period.

Technical indicators:

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

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

Main Assist Ranges – $63,500, adopted by $63,200.

Main Resistance Ranges – $63,950, and $64,000.



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