CandleFocus Bitcoin Price Poised for a Fresh Rally, Unless This Level Breaks
2024-10-03
Author: Content Editor
The Bitcoin price is currently consolidating above the $60,000 support level. If there is not a close below this support, there is potential for a fresh increase. However, Bitcoin has recently experienced a decline, breaking through support levels at $62,000 and $61,500. The price briefly dipped below $60,500 before consolidating losses. The current resistance levels are at $61,250 and $61,500, with a key bearish trend line at $61,550. A move above $61,500 could lead to further resistance at $62,500. On the other hand, failure to rise above $61,500 could lead to further downward movement, with immediate support at $60,500 and major supports at $60,000 and $59,200. Technical indicators show that the MACD is losing pace in the bearish zone and the RSI is below 50.
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