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Home»EXCHANGE NEWS»Unless this level is broken, Bitcoin price is poised for a new bounce.
EXCHANGE NEWS

Unless this level is broken, Bitcoin price is poised for a new bounce.

By Crypto FlexsOctober 3, 20242 Mins Read
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Unless this level is broken, Bitcoin price is poised for a new bounce.
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This article is also available in Spanish.

Bitcoin price is consolidating above the $60,000 support. BTC could target a fresh increase unless it closes below the $60,000 support.

  • Bitcoin is consolidating above the $60,000 support area.
  • The price is trading below $61,500 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bearish trendline with resistance at $61,550.
  • If it stays above the $60,000 support, the pair could initiate another hike.

Bitcoin price consolidation begins

Bitcoin price extended its decline at $62,350 resistance. BTC broke the $62,000 and $61,500 support levels and moved into near-term bearish territory. The price also dropped below $60,500.

A low was formed at $60,000 and the price is currently consolidating losses. It increased slightly above the $60,500 level. The price broke above the 23.6% Fib retracement level for a downward move from the $62,350 swing high to the $60,000 low.

Bitcoin is currently trading below $61,500 and the 100-hour simple moving average. In case of a fresh price hike, the price may face resistance near the $61,250 level. The first major resistance is near the $61,500 level. The hourly chart of the BTC/USD pair also has a major bearish trendline with resistance at $61,550.

The trend line is close to the 61.8% Fib retracement level moving down from the $62,350 swing high to the $60,000 low. A clear break above the $61,500 resistance could push the price higher. The next major resistance could be $62,500.

Source: TradingView.com BTCUSD

A break above the $62,500 resistance could trigger further upside. If indicated, the price could move higher and test the resistance level of $63,200. Any more profits could push the price down towards the $65,000 resistance level.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $61,500 resistance zone, it may continue to fall. Immediate support for the downside is near the $60,500 level.

The first major support is near the $60,000 level. The next support is now near the $59,200 area. Any more losses could lead the price towards the $58,500 support in the near term.

Technical indicators:

Hourly MACD – MACD is now losing speed in bearish territory.

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.

Key support levels – $60,500, then $60,000.

Key resistance levels – $61,500 and $62,500.

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