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{"id":647788,"date":"2024-10-14T03:39:34","date_gmt":"2024-10-14T03:39:34","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=647788"},"modified":"2024-10-14T03:39:34","modified_gmt":"2024-10-14T03:39:34","slug":"bitcoin-price-climb-63k","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/analysis\/btc\/bitcoin-price-climb-63k\/","title":{"rendered":"Bitcoin Price Restarts Its Climb: Is The Rally Back On?"},"content":{"rendered":"

Bitcoin price started a fresh increase above the $62,000 resistance zone. BTC is now consolidating and might aim for more upsides above $63,000.<\/em><\/p>\n

\n
Bitcoin is struggling to start a fresh increase above the $63,200 zone.<\/li>\n
The price is trading above $61,500 and the 100 hourly Simple moving average.<\/li>\n
There is a short-term declining channel forming with resistance at $63,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could regain traction if there is a close above the $63,200 resistance zone.<\/li>\n<\/ul>\n
Bitcoin Price Holds Support<\/h2>\n
Bitcoin price formed a base and started a fresh increase<\/a> above the $61,200 resistance. BTC cleared the $62,000 resistance to move into a positive zone. The price even spiked above $63,000 before the bears appeared.<\/p>\n
A high was formed at $63,445 and the price is now consolidating gains. There was a minor decline below the $63,000 level. There was a minor move below the 23.6% Fib retracement level of the upward move from the $58,888 swing low to the $63,445 high.<\/p>\n
Bitcoin price is now trading above $62,000 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $63,000 level. There is also a short-term declining channel forming with resistance at $63,000 on the hourly chart of the BTC\/USD pair.<\/p>\n
The first key resistance is near the $63,200 level. A clear move above the $63,200 resistance might send the price higher. The next key resistance could be $63,500.<\/p>\n
$\"Bitcoin$ <\/a>
Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
A close above the $63,200 resistance might initiate more gains. In the stated case, the price could rise and test the $64,500 resistance level. Any more gains might send the price toward the $65,000 resistance level.<\/p>\n
Another Decline In BTC?<\/h2>\n
If Bitcoin fails to rise above the $63,200 resistance zone, it could start another decline. Immediate support on the downside is near the $62,250 level.<\/p>\n
The first major support is near the $62,000 level. The next support is now near the $61,150 zone or the 50% Fib retracement level of the upward move from the $58,888 swing low to the $63,445 high. Any more losses might send the price toward the $60,000 support in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $62,000, followed by $61,150.<\/p>\n
Major Resistance Levels \u2013 $63,000, and $63,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price started a fresh increase above the $62,000 resistance zone. BTC is now consolidating and might aim for more upsides above $63,000. Bitcoin is struggling to start a fresh increase above the $63,200 zone. The price is trading above $61,500 and the 100 hourly Simple moving average. There is a short-term declining channel 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 there is a close above the $63,200 resistance zone. Bitcoin Price Holds Support Bitcoin price formed a base and started a fresh increase above the $61,200 resistance. BTC cleared the $62,000 resistance to move into a positive zone. The price even spiked above $63,000 before the bears appeared. A high was formed at $63,445 and the price is now consolidating gains. There was a minor decline below the $63,000 level. There was a minor move below the 23.6% Fib retracement level of the upward move from the $58,888 swing low to the $63,445 high. 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 declining 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 might send the price higher. The next key resistance could be $63,500. A close above the $63,200 resistance might initiate more gains. In the stated case, the price could rise and test the $64,500 resistance level. Any more gains might send the price toward the $65,000 resistance level. Another Decline In BTC? If Bitcoin fails to rise above the $63,200 resistance zone, it could start another decline. Immediate support on the downside 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% Fib retracement level of the upward move from the $58,888 swing low to the $63,445 high. Any more losses might send the price toward the $60,000 support in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $62,000, followed by $61,150. Major Resistance Levels \u2013 $63,000, and $63,500.<\/p>\n","protected":false},"author":67,"featured_media":647790,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83361],"tags":[428,679,1144,78790,76835],"class_list":["post-647788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Price Restarts Its Climb: Is The Rally Back On?<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a fresh increase above the $62,000 resistance zone. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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