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Home Market & Analysis

Bitcoin Price Could Reignite Uptrend: Is a New Surge Coming?

n70products by n70products
October 26, 2024
in Market & Analysis
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Bitcoin Price Could Reignite Uptrend: Is a New Surge Coming?
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Bitcoin worth examined the $65,200 zone earlier than the bulls appeared. BTC is now rising and aiming for extra upsides above the $67,500 resistance.

  • Bitcoin prolonged losses and examined the $65,200 zone.
  • The worth is buying and selling beneath $67,500 and the 100 hourly Easy transferring common.
  • There was a break above a key bearish development line with resistance at $66,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may acquire bullish momentum if it clears the $67,500 resistance zone.

Bitcoin Value Begins Contemporary Enhance

Bitcoin worth prolonged its downside correction beneath the $66,500 stage. There was a transfer beneath the $66,000 and $65,500 ranges. The worth even examined the $65,200 help zone.

A low was shaped at $65,199 and the worth is once more rising. There was a transparent transfer above the $66,500 stage. The worth climbed above the 23.6% Fib retracement stage of the downward transfer from the $69,425 swing excessive to the $65,199 low. Moreover, there was a break above a key bearish development line with resistance at $66,800 on the hourly chart of the BTC/USD pair.

Bitcoin worth is now buying and selling beneath $67,500 and the 100 hourly Simple moving average. On the upside, the worth may face resistance close to the $67,300 stage or the 50% Fib retracement stage of the downward transfer from the $69,425 swing excessive to the $65,199 low.

The primary key resistance is close to the $67,500 stage. A transparent transfer above the $67,500 resistance would possibly ship the worth larger. The subsequent key resistance may very well be $68,000.

Bitcoin Price

A detailed above the $68,000 resistance would possibly provoke extra features. Within the acknowledged case, the worth may rise and take a look at the $69,200 resistance stage. Any extra features would possibly ship the worth towards the $70,000 resistance stage.

One other Decline In BTC?

If Bitcoin fails to rise above the $67,500 resistance zone, it may begin one other decline. Rapid help on the draw back is close to the $66,500 stage.

The primary main help is close to the $66,200 stage. The subsequent help is now close to the $66,000 zone. Any extra losses would possibly ship the worth towards the $65,200 help within the close to time period.

Technical indicators:

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

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

Main Help Ranges – $66,500, adopted by $66,200.

Main Resistance Ranges – $67,500, and $68,000.



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Tags: BitcoincomingPriceReignitesurgeUptrend
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