Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bitcoin Price Bounces Back, But Can It Sustain Above $60K?

Bitcoin Price Bounces Back, But Can It Sustain Above $60K?

NewsbtcNewsbtc2024/09/18 04:18
By:Aayush Jindal

Bitcoin price started another increase above the $58,500 resistance. BTC is back above $60,000 and again struggling to continue higher.

  • Bitcoin is correcting gains from the $61,200 resistance zone.
  • The price is trading above $59,500 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance at $60,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could climb again if it stays above the $59,400 support zone.

Bitcoin Price Reclaims $60K

Bitcoin price remained supported above the $57,500 level . BTC formed a base and started another increase above the $58,500 resistance zone. There was a clear move above the $60,000 level.

The price tested the $61,200 resistance zone. A high was formed at $61,300 and the price is now correcting gains. There was a move below the $60,500 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $57,488 swing low to the $61,300 high.

Bitcoin is now trading above $59,500 and the 100 hourly Simple moving average . On the upside, the price could face resistance near the $60,500 level. There is also a connecting bearish trend line forming with resistance at $60,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The first key resistance is near the $60,650 level. A clear move above the $60,650 resistance might start a steady increase in the coming sessions. The next key resistance could be $61,200. A close above the $61,200 resistance might spark more upsides. In the stated case, the price could rise and test the $62,500 resistance.

More Downsides In BTC?

If Bitcoin fails to rise above the $60,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,000 level.

The first major support is $59,750. The next support is now near the $59,400 zone and the 100 hourly Simple moving average or the 50% Fib retracement level of the upward move from the $57,488 swing low to the $61,300 high. Any more losses might send the price toward the $58,450 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $60,000, followed by $59,400.

Major Resistance Levels – $60,500, and $61,200.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Hyperliquid launches native token HYPE

Coinjournal2024/11/30 00:33

Standard Chartered Analysts Predict Stablecoins Will Represent 10 Percent of US Economy in the Future!

Analysts at Standard Chartered and Zodia Markets predict that stablecoin adoption will see significant growth, potentially representing 10% of US M2 transactions in the future.

Bitcoinsistemi2024/11/30 00:00

Is $100,000 the Limit in the Bitcoin Rally or Will It Continue? Here’s a Clear Opinion for the Top

While the Bitcoin price has reached the $100,000 limit, the questioning of what goes beyond this level has begun. Here are the details.

Bitcoinsistemi2024/11/30 00:00