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Home Market & Analysis

Bitcoin Price Eyes Further Gains: Can It Keep Climbing?

n70products by n70products
October 26, 2024
in Market & Analysis
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Bitcoin Price Eyes Further Gains: Can It Keep Climbing?
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Bitcoin value is trying a recent enhance above the $37,000 zone. BTC might acquire tempo if it clears the $68,800 resistance zone.

  • Bitcoin began a recent enhance from the $65,200 zone.
  • The value is buying and selling above $67,500 and the 100 hourly Easy shifting common.
  • There’s a new connecting bullish development line forming with help at $67,450 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might acquire bullish momentum if it clears the $68,800 resistance zone.

Bitcoin Value Begins Recent Improve

Bitcoin value discovered help close to the $65,200 zone. A low was fashioned at $65,199 and the worth began a fresh increase above the $67,000 resistance.

The value climbed above the $67,500 and $68,000 ranges. It even cleared the $68,500 degree. A excessive was fashioned at $68,794 and the worth is now consolidating positive factors. There was a minor decline beneath the $68,000 degree. The value dipped beneath the 23.6% Fib retracement degree of the upward transfer from the $65,199 swing low to the $68,794 excessive.

Bitcoin value is now buying and selling above $67,500 and the 100 hourly Simple moving average. There may be additionally a brand new connecting bullish development line forming with help at $67,450 on the hourly chart of the BTC/USD pair.

On the upside, the worth might face resistance close to the $68,250 degree. The primary key resistance is close to the $68,500 degree. A transparent transfer above the $68,500 resistance would possibly ship the worth greater. The subsequent key resistance may very well be $68,800.

Bitcoin Price
Supply: BTCUSD on TradingView.com

An in depth above the $68,800 resistance would possibly provoke extra positive factors. Within the said case, the worth might rise and take a look at the $69,500 resistance degree. Any extra positive factors would possibly ship the worth towards the $70,000 resistance degree.

One other Decline In BTC?

If Bitcoin fails to rise above the $68,500 resistance zone, it might begin one other decline. Fast help on the draw back is close to the $67,800 degree.

The primary main help is close to the $67,500 degree and the development line. The subsequent help is now close to the $67,000 zone and the 50% Fib retracement degree of the upward transfer from the $65,199 swing low to the $68,794 excessive. Any extra losses would possibly ship the worth towards the $66,000 help within the close to time period.

Technical indicators:

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

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

Main Help Ranges – $67,500, adopted by $67,000.

Main Resistance Ranges – $68,500, and $68,800.



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