bitcoin price started a new rise above the $62,000 resistance zone. btc is now consolidating and could point to further upside above $63,000.
- bitcoin is struggling to start a fresh rise above the $63,200 zone.
- The price is trading above $61,500 and the 100 hourly simple moving average.
- A short-term descending channel is forming with resistance at $63,000 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair could regain traction if it closes above the $63,200 resistance zone.
bitcoin price maintains support
bitcoin price formed a base and started a new rise above the $61,200 resistance. btc broke through the $62,000 resistance to move into a positive zone. The price even skyrocketed above $63,000 before the bears appeared.
A high was formed at $63,445 and the price is now consolidating gains. There was a small drop below the $63,000 level. There was a minor move below the 23.6% Fibonacci retracement level of the upward move from the low of $58,888 to the high of $63,445.
bitcoin price is now trading above $62,000 and the 100 hourly simple moving average. On the upside, the price could face resistance near the $63,000 level. There is also a short-term descending channel forming with resistance at $63,000 on the hourly chart of the btc/USD pair.
The first key resistance is near the $63,200 level. A clear move above the $63,200 resistance could push the price higher. The next key resistance could be $63,500.
<img class="wp-image-647789 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/10/Bitcoin-price-restarts-its-rise-is-the-rally-back.png" alt="bitcoin Price” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/10/Bitcoin_e3308a.png?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/10/Bitcoin_e3308a.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/10/Bitcoin_e3308a.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/10/Bitcoin_e3308a.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/10/Bitcoin_e3308a.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/10/Bitcoin_e3308a.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/10/Bitcoin_e3308a.png?w=1140 1140w” />
A close above the $63,200 resistance could initiate further gains. In the given case, the price could rise and test the resistance level of $64,500. Any further gains could send the price towards the $65,000 resistance level.
Another drop in btc?
If bitcoin fails to break above the $63,200 resistance zone, it could start another decline. Immediate downside support is near the $62,250 level.
The first major support is near the $62,000 level. The next support is now near the $61,150 zone or the 50% Fibonacci retracement level of the upward move from the low of $58,888 to the high of $63,445. Any further losses could send the price towards the $60,000 support in the near term.
Technical indicators:
MACD Hourly: 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.
Main support levels: $62,000, followed by $61,150.
Main resistance levels: $63,000 and $63,500.
