CandleFocus Bitcoin Price Encounters Resistance: Will It Clear The Hurdles?
2024-10-11
Author: Content Editor
Bitcoin price has experienced a decline and fell below the $60,000 level. However, it is now attempting to recover and is facing resistance near $60,800. The price is trading below the 100 hourly Simple Moving Average and could face further resistance near $61,650. If it manages to break above these resistance levels, it could initiate more gains and may test the $63,200 and $64,000 levels. On the downside, immediate support is at $59,600, followed by $58,850. If the price fails to rise above the $60,800 resistance, it could start another decline with support at $58,500 and $57,200. The Technical indicators show the MACD losing pace in the bearish zone and the RSI below the 50 level.
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