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Bitcoin Price Gains Steam: Is a New Surge on the Horizon?

Sergio Gruber by Sergio Gruber
October 15, 2024
in Crypto, News
Reading Time: 2 mins read
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Bitcoin Price Gains Steam: Is a New Surge on the Horizon?
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Bitcoin has recently experienced a notable surge, surpassing the critical $65,500 resistance threshold. This upward momentum is being sustained as BTC consolidates its position, showcasing the potential to ascend further by breaking through the $68,000 resistance level.

  • Bitcoin has surged over 7%, exhibiting strong upward momentum.
  • The current trading price is above $66,500, maintaining its position above the 100-hourly Simple Moving Average.
  • A bullish trend line has developed, providing support at $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • A breakthrough above the $68,000 resistance zone could trigger a further rally.
blockdag 70m

Bitcoin Price Surges Over 8%

The recent increase in Bitcoin’s price has been characterized by robust support, leading to a breakthrough above the $65,500 resistance level. BTC successfully surpassed the $66,500 resistance, entering a favorable trading zone. Notably, the cryptocurrency rallied beyond the $67,000 and $67,500 resistance marks, signaling strong bullish sentiment.

A brief downward correction saw the price dip to $64,500, forming a low at $64,686 before resuming its upward trajectory. The subsequent recovery saw BTC move past the $66,500 resistance level, climbing above the 50% Fibonacci retracement level from the $67,871 swing high to the $64,686 low. Currently, Bitcoin is trading above $66,000 and remains above the 100-hourly Simple Moving Average.

Potential Resistance Levels

On the upside, Bitcoin may encounter resistance around the $67,400 level. The primary resistance is positioned near $67,800, and a decisive move beyond this point could propel the price higher. The next significant resistance level is anticipated to be at $68,800.

If Bitcoin successfully closes above the $68,800 resistance, it may pave the way for additional gains, potentially testing the $69,500 resistance level. Further upward momentum could see the price approaching the pivotal $70,000 mark.

Another Decline in BTC?

Should Bitcoin struggle to surpass the $67,800 resistance zone, a potential decline may ensue. Immediate support is located near the $66,400 level and the accompanying trend line. The first major support level lies around $65,500, with subsequent support at the $64,500 zone. If losses continue, the price could descend toward the $63,200 support in the near term.

Technical Indicators

Key technical indicators are reflecting the current market dynamics:

  • Hourly MACD: The MACD is presently gaining momentum within the bullish territory.
  • Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently positioned above the 50 level, indicating bullish sentiment.
  • Major Support Levels: $66,400, followed by $65,500.
  • Major Resistance Levels: $67,800, and $68,800.

Tags: Bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Sergio Gruber

Sergio Gruber

Financial writer Hello, my name is Sergio Gruber and I am a finance editor with a specialization in blockchain and cryptocurrency. I have a deep understanding of how the financial world is being transformed by these exciting technologies.I received my degree in Finance Editing from Western Washington University, where I learned how to combine my passion for writing and financial analysis. Since then, I have worked with a number of high-profile publications, helping to educate and inform readers about the latest developments in the world of blockchain and cryptocurrency.

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