Bitcoin price traded to a new weekly low before reversing losses against the US Dollar. BTC broke $19,500 and might rise further towards $20,500.<\/p>\n
Bitcoin is up nearly 5% and there was a clear move above the $19,500 resistance zone.
\nThe price is trading below above $19,500 and the 100 hourly simple moving average.
\nThere was a break above a major bearish trend line with resistance near $19,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is showing bullish signs and might extend gains above $20,000.<\/p>\n
Bitcoin Price Starts Fresh Rally<\/p>\n
Bitcoin price extended losses below the $19,000 support zone. Yesterday, the US CPI data was released, which posted an increase of 8.2%. It pushed BTC price below the $18,500 support zone<\/a>.<\/p>\n The bears gained strength and the price dived to the $18,200 support zone. However, the bears failed to push the price further lower. A low was formed near $18,142 and there was a strong bullish reaction. The price gained bullish momentum and climbed above the $19,000 level.<\/p>\n Bitcoin price cleared the 50% Fib retracement level of the downward move from the $20,443 swing high to $18,142 low. Besides, there was a break above a major bearish trend line with resistance near $19,150 on the hourly chart of the BTC\/USD pair.<\/p>\n The price is now trading below above $19,500 and the 100 hourly simple moving average<\/a>. It is trading near the 76.4% Fib retracement level of the downward move from the $20,443 swing high to $18,142 low.<\/p>\n <\/a><\/p>\n Source: BTCUSD on TradingView.com<\/a><\/p>\n On the upside, an immediate resistance is near the $20,000 level. A clear move above the $20,000 resistance might pump the price further higher. The next major resistance is near the $20,450 level. Any more gains might start a steady increase towards the $21,200 resistance zone.<\/p>\n Dips Supported in BTC?<\/p>\n If bitcoin fails to rise above the $20,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $19,500 zone.<\/p>\n The next major support is near the $19,200 zone and the 100 hourly SMA. A downside break below the $19,200 support zone might increase selling pressure. In the stated case, the price could decline towards the $18,500 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 in the overbought zone.<\/p>\n Major Support Levels \u2013 $19,500, followed by $19,200.<\/p>\n Major Resistance Levels \u2013 $20,000, $20,450 and $21,200.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin price traded to a new weekly low before reversing losses against the US Dollar. BTC broke $19,500 and might rise further towards $20,500.<\/p>\n Bitcoin is up nearly 5% and there was a clear move above the $19,500 resistance zone. Bitcoin Price Starts Fresh Rally<\/p>\n Bitcoin price extended losses below the $19,000 support zone. Yesterday, the US CPI data was released, which posted an increase of 8.2%. It pushed BTC price below the $18,500 support zone<\/a>.<\/p>\n The bears gained strength and the price dived to the $18,200 support zone. However, the bears failed to push the price further lower. A low was formed near $18,142 and there was a strong bullish reaction. The price gained bullish momentum and climbed above the $19,000 level.<\/p>\n Bitcoin price cleared the 50% Fib retracement level of the downward move from the $20,443 swing high to $18,142 low. Besides, there was a break above a major bearish trend line with resistance near $19,150 on the hourly chart of the BTC\/USD pair.<\/p>\n The price is now trading below above $19,500 and the 100 hourly simple moving average<\/a>. It is trading near the 76.4% Fib retracement level of the downward move from the $20,443 swing high to $18,142 low.<\/p>\n
\nThe price is trading below above $19,500 and the 100 hourly simple moving average.
\nThere was a break above a major bearish trend line with resistance near $19,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is showing bullish signs and might extend gains above $20,000.<\/p>\n
![<\/a><\/p>\nSource: BTCUSD on TradingView.com<\/a><\/p>\nOn the upside, an immediate resistance is near the $20,000 level. A clear move above the $20,000 resistance might pump the price further higher. The next major resistance is near the $20,450 level. Any more gains might start a steady increase towards the $21,200 resistance zone.<\/p>\nDips Supported in BTC?<\/p>\nIf bitcoin fails to rise above the $20,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $19,500 zone.<\/p>\nThe next major support is near the $19,200 zone and the 100 hourly SMA. A downside break below the $19,200 support zone might increase selling pressure. In the stated case, the price could decline towards the $18,500 support zone.<\/p>\nTechnical indicators:<\/p>\nHourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\nHourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the overbought zone.<\/p>\nMajor Support Levels \u2013 $19,500, followed by $19,200.<\/p>\nMajor Resistance Levels \u2013 $20,000, $20,450 and $21,200.<\/p>","protected":false},"excerpt":{"rendered":"<\/p>\nBitcoin price traded to a new weekly low before reversing losses against the US Dollar. BTC broke $19,500 and might rise further towards $20,500.<\/p>\nBitcoin is up nearly 5% and there was a clear move above the $19,500 resistance zone.\nThe price is trading below above $19,500 and the 100 hourly simple moving average.\nThere was a break above a major bearish trend line with resistance near $19,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken).\nThe pair is showing bullish signs and might extend gains above $20,000.<\/p>\nBitcoin Price Starts Fresh Rally<\/p>\nBitcoin price extended losses below the $19,000 support zone. Yesterday, the US CPI data was released, which posted an increase of 8.2%. It pushed BTC price below the $18,500 support zone<\/a>.<\/p>\nThe bears gained strength and the price dived to the $18,200 support zone. However, the bears failed to push the price further lower. A low was formed near $18,142 and there was a strong bullish reaction. The price gained bullish momentum and climbed above the $19,000 level.<\/p>\nBitcoin price cleared the 50% Fib retracement level of the downward move from the $20,443 swing high to $18,142 low. Besides, there was a break above a major bearish trend line with resistance near $19,150 on the hourly chart of the BTC\/USD pair.<\/p>\nThe price is now trading below above $19,500 and the 100 hourly simple moving average<\/a>. It is trading near the 76.4% Fib retracement level of the downward move from the $20,443 swing high to $18,142 low.<\/p>\n<\/a><\/p>\nSource: BTCUSD on TradingView.com<\/a><\/p>\nOn the upside, an immediate resistance is near the $20,000 level. A clear move above the $20,000 resistance might pump the price further higher. The next major resistance is near the $20,450 level. Any more gains might start a steady increase towards the $21,200 resistance zone.<\/p>\nDips Supported in BTC?<\/p>\nIf bitcoin fails to rise above the $20,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $19,500 zone.<\/p>\nThe next major support is near the $19,200 zone and the 100 hourly SMA. A downside break below the $19,200 support zone might increase selling pressure. In the stated case, the price could decline towards the $18,500 support zone.<\/p>\nTechnical indicators:<\/p>\nHourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\nHourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the overbought zone.<\/p>\nMajor Support Levels \u2013 $19,500, followed by $19,200.<\/p>\nMajor Resistance Levels \u2013 $20,000, $20,450 and $21,200.<\/p>\n<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-9750","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\/9750","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=9750"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/9750\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=9750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=9750"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=9750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/10\/Bitcoin-11.png\"){kind=link}