{"id":636,"date":"2024-10-16T03:00:17","date_gmt":"2024-10-16T03:00:17","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/bitcoin-price-gains-steam-is-a-new-surge-on-the-horizon\/"},"modified":"2024-10-16T03:00:17","modified_gmt":"2024-10-16T03:00:17","slug":"bitcoin-price-gains-steam-is-a-new-surge-on-the-horizon","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/bitcoin-price-gains-steam-is-a-new-surge-on-the-horizon\/","title":{"rendered":"Bitcoin Price Gains Steam: Is a New Surge on the Horizon?"},"content":{"rendered":"<p><em>Bitcoin price started a fresh rally above the $65,500 resistance zone. BTC is now consolidating and might clear the $68,000 resistance to continue higher.<\/em><\/p>\n<ul>\n<li>Bitcoin is up over 7% and now shows a lot of positive signs.<\/li>\n<li>The price is trading above $66,500 and the 100 hourly Simple moving average.<\/li>\n<li>There is a connecting bullish trend line forming with support at $66,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could rally further if there is a close above the $68,000 resistance zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Surges Over 8%<\/h2>\n<p>Bitcoin price remained supported and started a fresh increase above the $65,500 resistance. BTC cleared the $66,500 resistance to move into a positive zone. The price even rallied above the $67,000 and $67,500 resistance levels.<\/p>\n<p>Recently, there was a downside correction to $64,500. A low was formed at $64,686 and the price is again rising. There was a move above the $66,500 resistance. The price climbed above the 50% Fib retracement level of the downside correction from the $67,871 swing high to the $64,686 low.<\/p>\n<p>Bitcoin price is now trading above $66,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $66,400 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>On the upside, the price could face resistance near the $67,400 level. The first key resistance is near the $67,800 level. A clear move above the $67,800 resistance might send the price higher. The next key resistance could be $68,800.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"wp-image-648217 size-full\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/10\/Bitcoin_be6594.png?resize=1024%2C478\" alt=\"Bitcoin Price\" width=\"1024\" height=\"478\" loading=\"lazy\" \/><\/p>\n<p>A close above the $68,800 resistance might initiate more gains. In the stated case, the price could rise and test the $69,500 resistance level. Any more gains might send the price toward the $70,000 resistance level.<\/p>\n<h2>Another Decline In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $67,800 resistance zone, it could start another decline. Immediate support on the downside is near the $66,400 level and the trend line.<\/p>\n<p>The first major support is near the $65,500 level. The next support is now near the $64,500 zone. Any more losses might send the price toward the $63,200 support in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $66,400, followed by $65,500.<\/p>\n<p>Major Resistance Levels \u2013 $67,800, and $68,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a fresh rally above the $65,500 resistance zone. BTC is now consolidating and might clear the $68,000 resistance to continue higher. Bitcoin is up over 7% and now shows a lot of positive signs. The price is trading above $66,500 and the 100 hourly Simple moving average. There is a connecting bullish&hellip;<\/p>\n","protected":false},"author":1,"featured_media":637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[56,69,61,70,62,71],"class_list":["post-636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=636"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/636\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/637"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}