{"id":255,"date":"2024-10-08T03:00:19","date_gmt":"2024-10-08T03:00:19","guid":{"rendered":"https:\/\/ad-doge.com\/blog\/bitcoin-price-pulls-back-can-it-recover-after-correcting-gains\/"},"modified":"2024-10-08T03:00:19","modified_gmt":"2024-10-08T03:00:19","slug":"bitcoin-price-pulls-back-can-it-recover-after-correcting-gains","status":"publish","type":"post","link":"https:\/\/ad-doge.com\/blog\/bitcoin-price-pulls-back-can-it-recover-after-correcting-gains\/","title":{"rendered":"Bitcoin Price Pulls Back: Can It Recover After Correcting Gains?"},"content":{"rendered":"<p><em>Bitcoin price struggled to continue higher above the $64,400 level. BTC is correcting gains and trading near the $62,500 support zone.<\/em><\/p>\n<ul>\n<li>Bitcoin is holding gains above the $62,500 zone.<\/li>\n<li>The price is trading above $62,500 and the 100 hourly Simple moving average.<\/li>\n<li>There was a break below a connecting bullish trend line with support at $63,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start another increase unless there is a close below the $61,650 zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Corrects Gains<\/h2>\n<p>Bitcoin price extended its increase above the $63,500 zone. BTC even cleared the $64,200 resistance zone. However, the bears were active below $64,500.<\/p>\n<p>It traded as high as $64,419 and the price is now correcting gains. There was a move below the $64,000 and $63,500 levels. The price dipped below the 50% Fib retracement level of the upward move from the $61,723 swing low to the $64,41 high.<\/p>\n<p>Besides, there was a break below a connecting bullish trend line with support at $63,000 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading above $62,500 and the 100 hourly Simple moving average. The bulls are also protecting the 76.4% Fib retracement level of the upward move from the $61,723 swing low to the $64,41 high.<\/p>\n<p>On the upside, the price could face resistance near the $63,000 level. The first key resistance is near the $63,200 level. A clear move above the $63,200 resistance might send the price higher. The next key resistance could be $64,000.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"wp-image-646838 size-full\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/10\/Bitcoin_e53471.png?resize=1024%2C478\" alt=\"Bitcoin Price\" width=\"1024\" height=\"478\" loading=\"lazy\" \/><\/p>\n<p>A close above the $64,000 resistance might initiate more gains. In the stated case, the price could rise and test the $64,400 resistance level. Any more gains might send the price toward the $65,500 resistance level.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $63,200 resistance zone, it could start another decline. Immediate support on the downside is near the $62,500 level.<\/p>\n<p>The first major support is near the $61,750 level. The next support is now near the $61,200 zone. Any more losses might send the price toward the $60,000 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 $62,500, followed by $61,750.<\/p>\n<p>Major Resistance Levels \u2013 $63,200, and $64,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price struggled to continue higher above the $64,400 level. BTC is correcting gains and trading near the $62,500 support zone. Bitcoin is holding gains above the $62,500 zone. The price is trading above $62,500 and the 100 hourly Simple moving average. There was a break below a connecting bullish trend line with support at&hellip;<\/p>\n","protected":false},"author":1,"featured_media":256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[142],"tags":[22,29,32,35,36,154],"class_list":["post-255","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:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=255"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/255\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/256"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}