CandleFocus Bitcoin Price Gains Steam: Is a New Surge on the Horizon?
2024-10-16
Author: Content Editor
Bitcoin's price has seen a fresh increase above the $65,500 resistance level. It has cleared additional resistance levels at $66,500, $67,000, and $67,500. Although there was a downside correction to $64,500, the price is currently rising again. Bitcoin is now trading above $66,000 and the 100 hourly Simple Moving Average. There is a bullish trend line forming with support at $66,400. On the upside, the price may face resistance at $67,400 and $67,800, but a clear move above the latter could trigger further gains. If the price fails to rise above $67,800, it could initiate another decline, with immediate support at $66,400 and the trend line. The major support levels are near $65,500 and $64,500. Technical indicators such as the MACD and the RSI suggest bullish momentum.
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