{"id":646837,"date":"2024-10-08T02:39:41","date_gmt":"2024-10-08T02:39:41","guid":{"rendered":"https:\/\/ktsl888.com\/?p=646837"},"modified":"2024-10-08T02:39:41","modified_gmt":"2024-10-08T02:39:41","slug":"bitcoin-price-pulls-back-62500","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-pulls-back-62500\/","title":{"rendered":"Bitcoin Price Pulls Back: Can It Recover After Correcting Gains?"},"content":{"rendered":"<p><em>Bitcoin price struggled to continue higher above the $64,400 level. BTC is correcting gains and trading near the $62,500 support zone.<\/em><\/p>\n<ul>\n<li>Bitcoin is holding gains above the $62,500 zone.<\/li>\n<li>The price is trading above $62,500 and the 100 hourly Simple moving average.<\/li>\n<li>There was a break below a connecting bullish trend line with support at $63,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start another increase unless there is a close below the $61,650 zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Corrects Gains<\/h2>\n<p>Bitcoin price <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-gains-64k\/\" target=\"_blank\" rel=\"noopener \">extended its increase<\/a> above the $63,500 zone. BTC even cleared the $64,200 resistance zone. However, the bears were active below $64,500.<\/p>\n<p>It traded as high as $64,419 and the price is now correcting <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-recovery-61750\/\" target=\"_blank\" rel=\"noopener \">gains<\/a>. There was a move below the $64,000 and $63,500 levels. The price dipped below the 50% Fib retracement level of the upward move from the $61,723 swing low to the $64,41 high.<\/p>\n<p>Besides, there was a break below a connecting bullish trend line with support at $63,000 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading above $62,500 and the 100 hourly Simple moving average. The bulls are also protecting the 76.4% Fib retracement level of the upward move from the $61,723 swing low to the $64,41 high.<\/p>\n<p>On the upside, the price could face resistance near the $63,000 level. The first key resistance is near the $63,200 level. A clear move above the $63,200 resistance might send the price higher. The next key resistance could be $64,000.<\/p>\n<figure id=\"attachment_646838\" aria-describedby=\"caption-attachment-646838\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin_e53471.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-646838 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin_e53471.png?resize=1024%2C478\" alt=\"Bitcoin Price\" width=\"1024\" height=\"478\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin_e53471.png?w=1835 1835w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin_e53471.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin_e53471.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin_e53471.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin_e53471.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin_e53471.png?w=104 104w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin_e53471.png?w=83 83w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin_e53471.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin_e53471.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-646838\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>A close above the $64,000 resistance might initiate more gains. In the stated case, the price could rise and test the $64,400 resistance level. Any more gains might send the price toward the $65,500 resistance level.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $63,200 resistance zone, it could start another decline. Immediate support on the downside is near the $62,500 level.<\/p>\n<p>The first major support is near the $61,750 level. The next support is now near the $61,200 zone. Any more losses might send the price toward the $60,000 support in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $62,500, followed by $61,750.<\/p>\n<p>Major Resistance Levels \u2013 $63,200, and $64,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price struggled to continue higher above the $64,400 level. BTC is correcting gains and trading near the $62,500 support zone. Bitcoin is holding gains above the $62,500 zone. The price is trading above $62,500 and the 100 hourly Simple moving average. There was a break below a connecting bullish trend line with support at $63,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start another increase unless there is a close below the $61,650 zone. Bitcoin Price Corrects Gains Bitcoin price extended its increase above the $63,500 zone. BTC even cleared the $64,200 resistance zone. However, the bears were active below $64,500. It traded as high as $64,419 and the price is now correcting gains. There was a move below the $64,000 and $63,500 levels. The price dipped below the 50% Fib retracement level of the upward move from the $61,723 swing low to the $64,41 high. Besides, there was a break below a connecting bullish trend line with support at $63,000 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading above $62,500 and the 100 hourly Simple moving average. The bulls are also protecting the 76.4% Fib retracement level of the upward move from the $61,723 swing low to the $64,41 high. On the upside, the price could face resistance near the $63,000 level. The first key resistance is near the $63,200 level. A clear move above the $63,200 resistance might send the price higher. The next key resistance could be $64,000. A close above the $64,000 resistance might initiate more gains. In the stated case, the price could rise and test the $64,400 resistance level. Any more gains might send the price toward the $65,500 resistance level. More Losses In BTC? If Bitcoin fails to rise above the $63,200 resistance zone, it could start another decline. Immediate support on the downside is near the $62,500 level. The first major support is near the $61,750 level. The next support is now near the $61,200 zone. Any more losses might send the price toward the $60,000 support in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now 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 $62,500, followed by $61,750. Major Resistance Levels \u2013 $63,200, and $64,000.<\/p>\n","protected":false},"author":67,"featured_media":646839,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83361],"tags":[428,679,1144,78790,76835],"class_list":["post-646837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Pulls Back: Can It Recover After Correcting Gains?<\/title>\n<meta name=\"description\" content=\"Bitcoin price struggled to continue higher above the $64,400 level. 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