{"id":896,"date":"2024-10-23T03:00:18","date_gmt":"2024-10-23T03:00:18","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/bitcoin-price-pauses-in-consolidation-aiming-for-new-gains\/"},"modified":"2024-10-23T03:00:18","modified_gmt":"2024-10-23T03:00:18","slug":"bitcoin-price-pauses-in-consolidation-aiming-for-new-gains","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/bitcoin-price-pauses-in-consolidation-aiming-for-new-gains\/","title":{"rendered":"Bitcoin Price Pauses In Consolidation: Aiming for New Gains"},"content":{"rendered":"<p><em>Bitcoin price started a downside correction and tested the $66,500 zone. BTC is now consolidating and might aim for a fresh increase above $67,800.<\/em><\/p>\n<ul>\n<li>Bitcoin struggled to test the $70,000 resistance zone and started a downside correction.<\/li>\n<li>The price is trading below $67,500 and the 100 hourly Simple moving average.<\/li>\n<li>There is a short-term contracting triangle forming with support at $67,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a fresh increase unless there is a close below the $66,500 zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Starts Consolidation Phase<\/h2>\n<p>Bitcoin price struggled to continue higher toward the $70,000 level and started a downside correction. There was a move below the $68,500 and $67,500 levels.<\/p>\n<p>The price even tested the $66,500 support zone. A low was formed at $66,564 and the price is now consolidating losses. There was a minor increase above the $66,850 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $69,427 swing high to the $66,564 low.<\/p>\n<p>Bitcoin price is now trading below $67,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $67,100 level. There is also a short-term contracting triangle forming with support at $67,100 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The first key resistance is near the $68,000 level or the 50% Fib retracement level of the downward move from the $69,427 swing high to the $66,564 low. A clear move above the $68,000 resistance might send the price higher. The next key resistance could be $68,500.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"wp-image-649401 size-full\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/10\/Bitcoin_072062.png?resize=1024%2C478\" alt=\"Bitcoin Price\" width=\"1024\" height=\"478\" loading=\"lazy\" \/><\/p>\n<p>A close above the $68,500 resistance might initiate more gains. In the stated case, the price could rise and test the $69,200 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 $67,100 resistance zone, it could start another decline. Immediate support on the downside is near the $66,800 level.<\/p>\n<p>The first major support is near the $66,500 level. The next support is now near the $66,200 zone. Any more losses might send the price toward the $65,500 support in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $66,800, followed by $66,500.<\/p>\n<p>Major Resistance Levels \u2013 $67,100, and $68,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a downside correction and tested the $66,500 zone. BTC is now consolidating and might aim for a fresh increase above $67,800. Bitcoin struggled to test the $70,000 resistance zone and started a downside correction. The price is trading below $67,500 and the 100 hourly Simple moving average. There is a short-term contracting&hellip;<\/p>\n","protected":false},"author":1,"featured_media":897,"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-896","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\/896","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=896"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/897"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}