{"id":143071,"date":"2021-10-29T04:31:25","date_gmt":"2021-10-29T04:31:25","guid":{"rendered":"https:\/\/precoinnews.com\/?p=143071"},"modified":"2021-10-29T04:31:25","modified_gmt":"2021-10-29T04:31:25","slug":"bitcoin-attempts-fresh-increase-why-btc-could-struggle-near-62k","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-attempts-fresh-increase-why-btc-could-struggle-near-62k\/","title":{"rendered":"Bitcoin Attempts Fresh Increase, Why BTC Could Struggle Near $62K"},"content":{"rendered":"<p><em>Bitcoin price started a fresh increase above $60,000 against the US Dollar. BTC is rising and it could attempt an upside break above the $62,000 resistance.<\/em><\/p>\n<ul>\n<li>Bitcoin managed to pump above the $60,000 and $61,000 levels.<\/li>\n<li>The price is now trading above $61,000 and the 100 hourly simple moving average.<\/li>\n<li>There is a major bearish trend line forming with resistance near $61,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair must settle above $62,000 to start a major increase in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Price Starts Fresh Increase<\/h2>\n<p>Bitcoin price found support near $58,140 and started a fresh increase. BTC was able to break the $60,000 and $60,500 resistance levels to move into a positive zone.<\/p>\n<p>The price even settled above the $60,500 level and the 100 hourly simple moving average. There was also a break above the 50% Fib retracement level of the key decline from the $63,700 swing high to $58,140 low. It is now facing resistance near the $61,650 and $61,800 levels.<\/p>\n<p>There is also a major bearish trend line forming with resistance near $61,650 on the hourly chart of the BTC\/USD pair. Bitcoin is also facing barrier near the $62,000 level.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/10\/Bitcoin-20.png\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>It is near the 61.8% Fib retracement level of the key decline from the $63,700 swing high to $58,140 low. A clear break above the trend line resistance and then $62,000 may possibly call open the doors for a move towards the $63,000 level. The next major resistance sits near the $64,000 level.<\/p>\n<h2>Fresh Decline In BTC?<\/h2>\n<p>If bitcoin fails to clear the $62,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $61,000 level. The first major support is now forming near the $60,500 level.<\/p>\n<p>A break below the $60,500 support may possibly put a lot of pressure on the bulls in the near term. The next key support is near the $60,000 level, below which there is a risk of a larger decline. In the stated case, the price might slide towards the $58,500 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly losing 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 $60,500, followed by $60,000.<\/p>\n<p>Major Resistance Levels \u2013 $61,650, $62,000 and $63,200.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-attempts-increase-62k\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a fresh increase above<\/p>\n","protected":false},"author":3,"featured_media":143070,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Attempts Fresh Increase, Why BTC Could Struggle Near $62K - 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