CandleFocus Bitcoin Price Pulls Back: Can It Recover After Correcting Gains?
2024-10-08
Author: Content Editor
The price of Bitcoin struggled to continue its upward movement and is currently trading near the $62,500 support zone. It briefly surpassed the $64,200 resistance level but faced selling pressure below $64,500. The price is now correcting its gains and has dipped below the $63,000 level, breaking a bullish trend line. However, it is still trading above the 100 hourly Simple Moving Average and the bulls are protecting key support levels at $61,750 and $62,500. On the upside, the price could face resistance near $63,000 and $63,200, with a clear move above $64,000 potentially leading to further gains. Conversely, if the price fails to rise above the $63,200 resistance zone, it could decline and find support at $61,750 and $61,200. The technical indicators show a bearish momentum with the MACD losing pace in the bearish zone and the RSI below the 50 level.
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