{"id":475412,"date":"2021-11-04T03:08:06","date_gmt":"2021-11-04T03:08:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=475412"},"modified":"2024-06-11T14:00:03","modified_gmt":"2024-06-11T14:00:03","slug":"bitcoin-trades-sideways-62k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-trades-sideways-62k\/","title":{"rendered":"Bitcoin Trades Sideways, Technicals Point Chances of Fresh Rally"},"content":{"rendered":"
Bitcoin price is struggling to gain pace above $63,500 against the US Dollar. BTC could start a fresh rally if it clears $63,500 and $64,000 in the near term.<\/em><\/p>\n Bitcoin price made another attempt to gain traction above the $63,500 and $64,250 resistance levels<\/a>. However, BTC failed to settle above the $63,500 level and started a fresh downside correction.<\/p>\n There was a sharp decline below the $62,000 support zone and the 100 hourly simple moving average. The price even spiked below $61,000. A low was formed near $60,810 and it is now correcting losses. There was a break above the $62,000 resistance zone and the 100 hourly SMA<\/a>.<\/p>\n Bitcoin surpassed the 50% Fib retracement level of the recent decline from the $64,327 swing high to $60,810 low. It is now consolidating above the $62,000 level and the 100 hourly SMA.<\/p>\n On the upside, an immediate resistance is near the $62,800 level. The first major resistance is near the $63,000 level. There is also a major contracting triangle forming with support near $62,000 on the hourly chart of the BTC\/USD pair.<\/p>\n <\/a><\/p>\n The main resistance is still near the $63,500 level. It is near the 76.4% Fib retracement level of the recent decline from the $64,327 swing high to $60,810 low. A clear break above $63,500 resistance may possibly call open the doors for a fresh rally. The next major resistance sits near the $65,000 level.<\/p>\n If bitcoin fails to clear the $63,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $62,200 level.<\/p>\n The first major support is now forming near the $62,000 level and the triangle lower trend line. A clear close below the $62,000 support could open the doors for a move towards the $60,000 level.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly losing pace in the bearish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n Major Support Levels \u2013 $62,000, followed by $60,800.<\/p>\n Major Resistance Levels \u2013 $62,800, $63,500 and $64,000.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price is struggling to gain pace above $63,500 against the US Dollar. BTC could start a fresh rally if it clears $63,500 and $64,000 in the near term. Bitcoin is facing resistance near the $63,500 and $64,000 levels. The price is now trading above $62,500 and the 100 hourly simple moving average. There is a major contracting triangle forming with support near $62,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a fresh rally if there is a clear break above $63,500. Bitcoin Price Consolidates Bitcoin price made another attempt to gain traction above the $63,500 and $64,250 resistance levels. However, BTC failed to settle above the $63,500 level and started a fresh downside correction. There was a sharp decline below the $62,000 support zone and the 100 hourly simple moving average. The price even spiked below $61,000. A low was formed near $60,810 and it is now correcting losses. There was a break above the $62,000 resistance zone and the 100 hourly SMA. Bitcoin surpassed the 50% Fib retracement level of the recent decline from the $64,327 swing high to $60,810 low. It is now consolidating above the $62,000 level and the 100 hourly SMA. On the upside, an immediate resistance is near the $62,800 level. The first major resistance is near the $63,000 level. There is also a major contracting triangle forming with support near $62,000 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com The main resistance is still near the $63,500 level. It is near the 76.4% Fib retracement level of the recent decline from the $64,327 swing high to $60,810 low. A clear break above $63,500 resistance may possibly call open the doors for a fresh rally. The next major resistance sits near the $65,000 level. Fresh Dip In BTC? If bitcoin fails to clear the $63,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $62,200 level. The first major support is now forming near the $62,000 level and the triangle lower trend line. A clear close below the $62,000 support could open the doors for a move towards the $60,000 level. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $62,000, followed by $60,800. Major Resistance Levels \u2013 $62,800, $63,500 and $64,000.<\/p>\n","protected":false},"author":67,"featured_media":460984,"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-475412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Consolidates<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Fresh Dip In BTC?<\/h2>\n