Bitcoin Price Pulls Back: Can It Recover After Correcting Gains?
2024-10-08

Bitcoin price struggled to continue higher above the $64,400 level. BTC is correcting gains and trading near the $62,500 support zone.
Bitcoin Price Corrects Gains
Bitcoin price extended its increase above the $63,500 zone. BTC even cleared the $64,200 resistance zone. However, the bears were active below $64,500.
It traded as high as $64,419 and the price is now correcting gains. There was a move below the $64,000 and $63,500 levels. The price dipped below the 50% Fib retracement level of the upward move from the $61,723 swing low to the $64,41 high.
Besides, there was a break below a connecting bullish trend line with support at $63,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $62,500 and the 100 hourly Simple moving average. The bulls are also protecting the 76.4% Fib retracement level of the upward move from the $61,723 swing low to the $64,41 high.
On the upside, the price could face resistance near the $63,000 level. 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 $64,000.
A close above the $64,000 resistance might initiate more gains. In the stated case, the price could rise and test the $64,400 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 $63,200 resistance zone, it could start another decline. Immediate support on the downside is near the $62,500 level.
The first major support is near the $61,750 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 – $62,500, followed by $61,750.
Major Resistance Levels – $63,200, and $64,000.