{"id":31799,"date":"2023-11-02T03:52:38","date_gmt":"2023-11-02T07:52:38","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31799"},"modified":"2023-11-02T03:52:38","modified_gmt":"2023-11-02T07:52:38","slug":"bitcoin-price-resumes-rally-another-5-increase-on-the-cards","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/02\/bitcoin-price-resumes-rally-another-5-increase-on-the-cards\/","title":{"rendered":"Bitcoin Price Resumes Rally, Another 5% Increase On The Cards?"},"content":{"rendered":"

Bitcoin price cleared the key $35,000 resistance. BTC is showing positive signs and might rally toward the $36,200 and $37,000 levels in the near term.<\/em><\/p>\n

Bitcoin is gaining pace above the $35,000 resistance.
\nThe price is trading above $35,000 and the 100 hourly Simple moving average.
\nThere was a break above a rising channel with resistance at $34,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is showing positive signs and might rise toward the $37,000 resistance in the near term.<\/p>\n

Bitcoin Price Breaks Hurdle<\/h2>\n

Bitcoin price remained well-bid above the $34,000 support zone. BTC formed a base, completed a consolidation phase, and recently started a decent increase above the $34,750 resistance<\/a>.<\/p>\n

There was a break above a rising channel with resistance at $34,850 on the hourly chart. The bulls were able to pump the price above the last swing high and $35,500. It traded to a new multi-week high at $35,945 and is still showing positive signs.<\/p>\n

Bitcoin is now trading above $34,260 and the 100 hourly Simple moving average. It is also well above the 23.6% Fib retracement level of the recent increase from the $34,120 swing low to the $35,945 high.<\/p>\n

On the upside, immediate resistance is near the $35,950 level. The next key resistance could be near $36,200. A clear move above the $36,200 resistance might open the doors for a decent 5% increase toward the $37,000 resistance<\/a>.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next key resistance could be $37,500, above which the price could rise toward $38,000. Any more gains might send BTC toward the $38,800 level.<\/p>\n

Are Dips Limited In BTC?<\/h2>\n

If Bitcoin fails to rise above the $35,950 resistance zone, it could start a downside correction. Immediate support on the downside is near the $35,500 level.<\/p>\n

The next major support is near the $35,000 level or the 50% Fib retracement level of the recent increase from the $34,120 swing low to the $35,945 high. If there is a move below $35,000, there is a risk of more downsides. In the stated case, the price could drop toward the $34,500 level or the 100 hourly Simple moving average.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the overbought zone.<\/p>\n

Major Support Levels \u2013 $35,500, followed by $35,000.<\/p>\n

Major Resistance Levels \u2013 $35,950, $36,200, and $37,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price cleared the key $35,000 resistance. BTC is showing positive signs and might rally toward the $36,200 and $37,000 levels in the near term.<\/em><\/p>\n

Bitcoin is gaining pace above the $35,000 resistance.
\nThe price is trading above $35,000 and the 100 hourly Simple moving average.
\nThere was a break above a rising channel with resistance at $34,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is showing positive signs and might rise toward the $37,000 resistance in the near term.<\/p>\n

Bitcoin Price Breaks Hurdle<\/h2>\n

Bitcoin price remained well-bid above the $34,000 support zone. BTC formed a base, completed a consolidation phase, and recently started a decent increase above the $34,750 resistance<\/a>.<\/p>\n

There was a break above a rising channel with resistance at $34,850 on the hourly chart. The bulls were able to pump the price above the last swing high and $35,500. It traded to a new multi-week high at $35,945 and is still showing positive signs.<\/p>\n

Bitcoin is now trading above $34,260 and the 100 hourly Simple moving average. It is also well above the 23.6% Fib retracement level of the recent increase from the $34,120 swing low to the $35,945 high.<\/p>\n

On the upside, immediate resistance is near the $35,950 level. The next key resistance could be near $36,200. A clear move above the $36,200 resistance might open the doors for a decent 5% increase toward the $37,000 resistance<\/a>.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next key resistance could be $37,500, above which the price could rise toward $38,000. Any more gains might send BTC toward the $38,800 level.<\/p>\n

Are Dips Limited In BTC?<\/h2>\n

If Bitcoin fails to rise above the $35,950 resistance zone, it could start a downside correction. Immediate support on the downside is near the $35,500 level.<\/p>\n

The next major support is near the $35,000 level or the 50% Fib retracement level of the recent increase from the $34,120 swing low to the $35,945 high. If there is a move below $35,000, there is a risk of more downsides. In the stated case, the price could drop toward the $34,500 level or the 100 hourly Simple moving average.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the overbought zone.<\/p>\n

Major Support Levels \u2013 $35,500, followed by $35,000.<\/p>\n

Major Resistance Levels \u2013 $35,950, $36,200, and $37,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-31799","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=31799"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31799\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31799"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}