Bitcoin Price Pauses, Eyeing a Fresh Increase: Can Bulls Deliver?
2024-10-09

Bitcoin price corrected gains and tested the $61,850 zone. BTC is consolidating and might aim for a fresh increase above the $62,500 resistance.
Bitcoin Price Eyes Another Increase
Bitcoin price failed to settle above $65,000 and started a fresh decline. BTC traded below the $64,000 and $63,500 levels. It even broke the $62,500 support.
A low was formed at $61,825 and the price is now consolidating losses. There was a minor increase above the $62,250 level. The price tested the 23.6% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low.
Bitcoin price is now trading below $62,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $62,500 level. There is also a connecting bearish trend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $63,150 level or the 50% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low. A clear move above the $63,150 resistance might send the price higher. The next key resistance could be $64,200.
A close above the $64,200 resistance might initiate more gains. In the stated case, the price could rise and test the $65,000 resistance level. Any more gains might send the price toward the $65,500 resistance level.
More Losses In BTC?
If Bitcoin fails to rise above the $62,500 resistance zone, it could start another decline. Immediate support on the downside is near the $62,000 level.
The first major support is near the $61,850 level. The next support is now near the $61,200 zone. Any more losses might send the price toward the $60,000 support 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 – $62,000, followed by $61,850.
Major Resistance Levels – $62,500, and $63,150.