{"id":17,"date":"2021-11-02T05:44:53","date_gmt":"2021-11-02T05:44:53","guid":{"rendered":"https:\/\/wpfrank.com\/demo\/crypto-airdrop-premium\/?p=17"},"modified":"2024-09-27T09:17:26","modified_gmt":"2024-09-27T09:17:26","slug":"bitcoin-consolidates-why-there-is-risk-of-larger-downside-correction","status":"publish","type":"post","link":"https:\/\/wpfrank.com\/demo\/crypto-airdrop-premium\/2021\/11\/02\/bitcoin-consolidates-why-there-is-risk-of-larger-downside-correction\/","title":{"rendered":"Bitcoin Consolidates, Why There Is Risk of Larger Downside Correction"},"content":{"rendered":"\n<p><em>Bitcoin price is struggling to clear the $62,500 resistance against the US Dollar. BTC could decline heavily if there is a close below $60,000 in the near term.<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Bitcoin is facing resistance near the $62,500 and $62,650 levels.<\/li><li>The price is now trading below $61,500 and the 100 hourly simple moving average.<\/li><li>There is a major bullish trend line with support near $60,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li><li>The pair could accelerate lower if there is a clear break below $60,000.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Bitcoin Price Stuck In Range<\/h2>\n\n\n\n<p>Bitcoin price made another attempt to clear the&nbsp;$62,500 and $62,650 resistance levels. However, BTC failed to gain strength above $62,500. A high was formed near $62,500 and the price started a fresh decline.<\/p>\n\n\n\n<p>There was a break below the $62,000 support level and the&nbsp;100 hourly simple moving average. There was a break below the 50% Fib retracement level of the upward move from the $59,449 swing low to $62,500 high. The price even spiked below the $61,000 level.5 BTC + 300 Free Spins for new players &amp; 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!<\/p>\n\n\n\n<p>It is now finding bids near the $60,500 support zone. Bitcoin tested the 61.8% Fib retracement level of the upward move from the $59,449 swing low to $62,500 high.<\/p>\n\n\n\n<p>There is also a major bullish trend line with support near $60,500 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $61,200 level and the 100 hourly SMA. The first major resistance is near the $61,500 level.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/11\/Bitcoin-1.png\"><img decoding=\"async\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/11\/Bitcoin-1.png\" alt=\"Bitcoin Price\" class=\"wp-image-475176\"\/><\/a><\/figure>\n\n\n\n<p>Get 110 USDT Futures Bonus for FREE!<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noreferrer noopener\">BTCUSD on TradingView.com<\/a><\/pre>\n\n\n\n<p>The main resistance is still near the $62,500 and $62,650 levels. A clear break above $62,500 resistance may possibly call open the doors for a move towards the $63,200 level. The next major resistance sits near the $64,500 level.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">More Losses In BTC?<\/h2>\n\n\n\n<p>If bitcoin fails to clear the $62,500 resistance zone, it could extend its decline. Immediate support on the downside is near the $60,800 level.<\/p>\n\n\n\n<p>The first major support is now forming near the $60,500 level. A break below the $60,500 support and the trend line may possibly push the price further lower. The next key support is near the $58,500 level.<\/p>\n\n\n\n<p>Technical indicators:<\/p>\n\n\n\n<p>Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone.<\/p>\n\n\n\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 levels.<\/p>\n\n\n\n<p>Major Support Levels \u2013 $60,500, followed by $60,000.<\/p>\n\n\n\n<p>Major Resistance Levels \u2013 $61,200, $62,000 and $62,500.<\/p>\n\n\n\n<p><strong>Reference:<\/strong> https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-consolidates-62500\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is struggling to clear the $62,500 resistance against the US Dollar. BTC could decline heavily if there is a close below $60,000 in the near term.<\/p>\n","protected":false},"author":1,"featured_media":19,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,3],"tags":[4,5,6,7],"class_list":["post-17","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-bitcoin","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/wpfrank.com\/demo\/crypto-airdrop-premium\/wp-json\/wp\/v2\/posts\/17","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wpfrank.com\/demo\/crypto-airdrop-premium\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wpfrank.com\/demo\/crypto-airdrop-premium\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wpfrank.com\/demo\/crypto-airdrop-premium\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wpfrank.com\/demo\/crypto-airdrop-premium\/wp-json\/wp\/v2\/comments?post=17"}],"version-history":[{"count":2,"href":"https:\/\/wpfrank.com\/demo\/crypto-airdrop-premium\/wp-json\/wp\/v2\/posts\/17\/revisions"}],"predecessor-version":[{"id":20,"href":"https:\/\/wpfrank.com\/demo\/crypto-airdrop-premium\/wp-json\/wp\/v2\/posts\/17\/revisions\/20"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wpfrank.com\/demo\/crypto-airdrop-premium\/wp-json\/wp\/v2\/media\/19"}],"wp:attachment":[{"href":"https:\/\/wpfrank.com\/demo\/crypto-airdrop-premium\/wp-json\/wp\/v2\/media?parent=17"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wpfrank.com\/demo\/crypto-airdrop-premium\/wp-json\/wp\/v2\/categories?post=17"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wpfrank.com\/demo\/crypto-airdrop-premium\/wp-json\/wp\/v2\/tags?post=17"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}