Bitcoin Price Eyes Fresh Gains: Can BTC Climb Again?
31 July 2024 - 12:37PM
NEWSBTC
Bitcoin price extended losses and tested the $65,500 support zone.
BTC is now consolidating and might aim for a fresh increase if it
clears $66,500. Bitcoin tested the $65,500 level and is attempting
a recovery wave. The price is trading below $68,000 and the 100
hourly Simple moving average. There is a connecting bearish trend
line forming with resistance at $66,400 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair might start a fresh
increase if it clears the $66,500 resistance zone. Bitcoin Price
Revisits Support Bitcoin price extended losses below the $66,500
support zone. BTC even spiked below the $66,000 and $65,500 levels.
A low is formed near $65,337 and the price is now consolidating
losses. It recovered above the $66,000 level and tested the 23.6%
Fib retracement level of the downward move from the $69,985 swing
high to the $65,337 low. However, the price is now struggling to
clear the $66,500 resistance zone. There is also a connecting
bearish trend line forming with resistance at $66,400 on the hourly
chart of the BTC/USD pair. Bitcoin price is trading below $68,000
and the 100 hourly Simple moving average. On the upside, the price
could face resistance near the $66,400 level. The first key
resistance is near the $66,500 level. A clear move above the
$66,500 resistance might send the price further higher in the
coming sessions. The next key resistance could be $67,650 or the
50% Fib retracement level of the downward move from the $69,985
swing high to the $65,337 low. The next major hurdle sits at
$68,200. A close above the $68,200 resistance might spark bullish
moves. In the stated case, the price could rise and test the
$70,000 resistance. Another Decline In BTC? If Bitcoin fails to
recover above the $66,500 resistance zone, it could start another
decline. Immediate support on the downside is near the $66,000
level. The first major support is $65,350. The next support is now
near $65,000. Any more losses might send the price toward the
$63,500 support zone in the near term. Technical indicators: Hourly
MACD – The MACD is now losing pace in the bearish zone. Hourly RSI
(Relative Strength Index) – The RSI for BTC/USD is now below the 50
level. Major Support Levels – $66,000, followed by $65,350. Major
Resistance Levels – $66,500, and $67,650.
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