{"id":36557,"date":"2024-02-29T03:53:30","date_gmt":"2024-02-29T07:53:30","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=36557"},"modified":"2024-02-29T03:53:30","modified_gmt":"2024-02-29T07:53:30","slug":"bitcoin-price-sees-wild-swing-moves-uptrend-to-extend-toward-70k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/29\/bitcoin-price-sees-wild-swing-moves-uptrend-to-extend-toward-70k\/","title":{"rendered":"Bitcoin Price Sees Wild Swing Moves, Uptrend To Extend Toward $70K?"},"content":{"rendered":"

Bitcoin price rallied further above $62,000. BTC is now consolidating gains and might soon attempt another upward move toward the $64,000 resistance.<\/em><\/p>\n

Bitcoin price is consolidating gains below the $60,000 resistance zone.
\nThe price is trading above $60,500 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support at $60,950 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its current rally toward the $64,000 resistance zone.<\/p>\n

Bitcoin Price Jumps Over $5K<\/h2>\n

Bitcoin price remained strong above the $58,000 resistance zone<\/a>. BTC formed a fresh support base and started another rally. It gained over 10% and broke many hurdles near $60,000 and $62,000.<\/p>\n

The price even surged toward the $64,000 level. A new multi-week high<\/a> was formed near $64,000 before there was a sharp decline after the Coinbase outage. The price dived toward the $58,000 support zone. A low was formed near $57,919 and the price started a fresh rally.<\/p>\n

It is back above the $60,000 resistance. There was a move above the 50% Fib retracement level of the downward move from the $64,000 swing high to the $57,919 low.<\/p>\n

Bitcoin is now trading above $60,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $60,950 on the hourly chart of the BTC\/USD pair. Immediate resistance is near the $62,500 level. It is near the 76.4% Fib retracement level of the downward move from the $64,000 swing high to the $57,919 low.<\/p>\n

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

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

The next key resistance could be $64,000, above which the price could rise toward the $65,000 resistance zone. If the bulls remain in action, the price could even surpass $65,000 and test $66,400. The main hurdle for them is visible near the $68,000 zone.<\/p>\n

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

If Bitcoin fails to rise above the $62,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $60,800 level and the trend line.<\/p>\n

The first major support is $60,000. If there is a close below $60,000, the price could start a decent pullback toward the $58,000 zone. Any more losses might send the price toward the $56,500 support zone.<\/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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $60,800, followed by $60,000.<\/p>\n

Major Resistance Levels \u2013 $62,500, $64,000, and $65,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price rallied further above $62,000. BTC is now consolidating gains and might soon attempt another upward move toward the $64,000 resistance.<\/em><\/p>\n

Bitcoin price is consolidating gains below the $60,000 resistance zone.
\nThe price is trading above $60,500 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support at $60,950 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its current rally toward the $64,000 resistance zone.<\/p>\n

Bitcoin Price Jumps Over $5K<\/h2>\n

Bitcoin price remained strong above the $58,000 resistance zone<\/a>. BTC formed a fresh support base and started another rally. It gained over 10% and broke many hurdles near $60,000 and $62,000.<\/p>\n

The price even surged toward the $64,000 level. A new multi-week high<\/a> was formed near $64,000 before there was a sharp decline after the Coinbase outage. The price dived toward the $58,000 support zone. A low was formed near $57,919 and the price started a fresh rally.<\/p>\n

It is back above the $60,000 resistance. There was a move above the 50% Fib retracement level of the downward move from the $64,000 swing high to the $57,919 low.<\/p>\n

Bitcoin is now trading above $60,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $60,950 on the hourly chart of the BTC\/USD pair. Immediate resistance is near the $62,500 level. It is near the 76.4% Fib retracement level of the downward move from the $64,000 swing high to the $57,919 low.<\/p>\n

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

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

The next key resistance could be $64,000, above which the price could rise toward the $65,000 resistance zone. If the bulls remain in action, the price could even surpass $65,000 and test $66,400. The main hurdle for them is visible near the $68,000 zone.<\/p>\n

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

If Bitcoin fails to rise above the $62,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $60,800 level and the trend line.<\/p>\n

The first major support is $60,000. If there is a close below $60,000, the price could start a decent pullback toward the $58,000 zone. Any more losses might send the price toward the $56,500 support zone.<\/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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $60,800, followed by $60,000.<\/p>\n

Major Resistance Levels \u2013 $62,500, $64,000, and $65,000.<\/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-36557","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\/36557","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=36557"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36557\/revisions"}],"predecessor-version":[{"id":36563,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36557\/revisions\/36563"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36557"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}