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{"id":475175,"date":"2021-11-02T03:08:53","date_gmt":"2021-11-02T03:08:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=475175"},"modified":"2024-06-11T13:59:59","modified_gmt":"2024-06-11T13:59:59","slug":"bitcoin-consolidates-62500","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-consolidates-62500\/","title":{"rendered":"Bitcoin Consolidates, Why There Is Risk of Larger Downside Correction"},"content":{"rendered":"

Bitcoin price is struggling to clear the $62,500 resistance against the US Dollar. BTC could decline heavily if there is a close below $60,000 in the near term.<\/em><\/p>\n

\n
Bitcoin is facing resistance near the $62,500 and $62,650 levels.<\/li>\n
The price is now trading below $61,500 and the 100 hourly simple moving average.<\/li>\n
There is a major bullish trend line with support near $60,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could accelerate lower if there is a clear break below $60,000.<\/li>\n<\/ul>\n
Bitcoin Price Stuck In Range<\/h2>\n
Bitcoin price made another attempt to clear the $62,500 and $62,650 resistance levels<\/a>. However, BTC failed to gain strength above $62,500. A high was formed near $62,500 and the price started a fresh decline.<\/p>\n
There was a break below the $62,000 support level and the 100 hourly simple moving average<\/a>. There was a break below the 50% Fib retracement level of the upward move from the $59,449 swing low to $62,500 high. The price even spiked below the $61,000 level.<\/p>\n
It is now finding bids near the $60,500 support zone. Bitcoin tested the 61.8% Fib retracement level of the upward move from the $59,449 swing low to $62,500 high.<\/p>\n
There is also a major bullish trend line with support near $60,500 on the hourly chart of the BTC\/USD pair. On the upside, an immediate resistance is near the $61,200 level and the 100 hourly SMA. The first major resistance is near the $61,500 level.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The main resistance is still near the $62,500 and $62,650 levels. A clear break above $62,500 resistance may possibly call open the doors for a move towards the $63,200 level. The next major resistance sits near the $64,500 level.<\/p>\n
More Losses In BTC?<\/h2>\n
If bitcoin fails to clear the $62,500 resistance zone, it could extend its decline. An immediate support on the downside is near the $60,800 level.<\/p>\n
The first major support is now forming near the $60,500 level. A break below the $60,500 support and the trend line may possibly push the price further lower. The next key support is near the $58,500 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n
Major Support Levels \u2013 $60,500, followed by $60,000.<\/p>\n
Major Resistance Levels \u2013 $61,200, $62,000 and $62,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is struggling to clear the $62,500 resistance against the US Dollar. BTC could decline heavily if there is a close below $60,000 in the near term. Bitcoin is facing resistance near the $62,500 and $62,650 levels. The price is now trading below $61,500 and the 100 hourly simple moving average. There is a major bullish trend line with support near $60,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could accelerate lower if there is a clear break below $60,000. Bitcoin Price Stuck In Range Bitcoin price made another attempt to clear the $62,500 and $62,650 resistance levels. However, BTC failed to gain strength above $62,500. A high was formed near $62,500 and the price started a fresh decline. There was a break below the $62,000 support level and the 100 hourly simple moving average. There was a break below the 50% Fib retracement level of the upward move from the $59,449 swing low to $62,500 high. The price even spiked below the $61,000 level. It is now finding bids near the $60,500 support zone. Bitcoin tested the 61.8% Fib retracement level of the upward move from the $59,449 swing low to $62,500 high. There is also a major bullish trend line with support near $60,500 on the hourly chart of the BTC\/USD pair. On the upside, an immediate resistance is near the $61,200 level and the 100 hourly SMA. The first major resistance is near the $61,500 level. Source: BTCUSD on TradingView.com The main resistance is still near the $62,500 and $62,650 levels. A clear break above $62,500 resistance may possibly call open the doors for a move towards the $63,200 level. The next major resistance sits near the $64,500 level. More Losses In BTC? If bitcoin fails to clear the $62,500 resistance zone, it could extend its decline. An immediate support on the downside is near the $60,800 level. The first major support is now forming near the $60,500 level. A break below the $60,500 support and the trend line may possibly push the price further lower. The next key support is near the $58,500 level. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level. Major Support Levels \u2013 $60,500, followed by $60,000. Major Resistance Levels \u2013 $61,200, $62,000 and $62,500.<\/p>\n","protected":false},"author":67,"featured_media":462954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-475175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Consolidates, Why There Is Risk of Larger Downside Correction<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to clear the $62,500 resistance against the US Dollar. 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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. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Consolidates, Why There Is Risk of Larger Downside Correction","url":"http:\/\/uniquehot.com\/news\/bitcoin-consolidates-62500\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-consolidates-62500\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_173627021.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_173627021.jpg?fit=1000%2C693"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-11-02T03:08:53Z","datePublished":"2021-11-02T03:08:53Z","dateModified":"2024-06-11T13:59:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Consolidates, Why There Is Risk of Larger Downside Correction\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-consolidates-62500\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-consolidates-62500\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_173627021.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_173627021.jpg?fit=1000%2C693\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-11-02T03:08:53Z\",\"datePublished\":\"2021-11-02T03:08:53Z\",\"dateModified\":\"2024-06-11T13:59:59Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_173627021.jpg?fit=1000%2C693","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/475175"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=475175"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/475175\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/462954"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=475175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=475175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=475175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}