Bitcoin Price Restarts Its Climb: Is The Rally Back On?

Oct 14, 2024 04:00 am Cryptocurrency 18

Bitcoin price started a fresh increase above the $62,000 resistance zone. BTC is now consolidating and might aim for more upsides above $63,000.

Bitcoin is struggling to start a fresh increase above the $63,200 zone.

The price is trading above $61,500 and the 100 hourly Simple moving average.

There is a short-term declining channel forming with resistance at $63,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could regain traction if there is a close above the $63,200 resistance zone.

Bitcoin Price Holds Support

Bitcoin price formed a base and started a fresh increase above the $61,200 resistance. BTC cleared the $62,000 resistance to move into a positive zone. The price even spiked above $63,000 before the bears appeared.

A high was formed at $63,445 and the price is now consolidating gains. There was a minor decline below the $63,000 level. There was a minor move below the 23.6% Fib retracement level ..

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