Connect with us

Hi, what are you looking for?

Economy

Bitcoin is increasingly stable above support at $62500

Bitcoin is increasingly stable above support at $62500

Last week’s high price of Bitcoin was formed on Friday at the $64120 level

Bitcoin chart analysis

Last week’s high price of Bitcoin was formed on Friday at the $64120 level. Later during the weekend, the price moved in a sideways consolidation in the $62500-$63500 range with the support of the EMA 50 moving average. Monday brought us new bullish price impulses and a jump to the $647,730 level to a new September high. After forming a new high, Bitcoin retreated below $64000, and this morning, we saw new price support at the $62750 level.

From that level, a bullish consolidation and growth to the $63500 level were initiated. In this zone, we are testing the weekly open price, and we need a move above to the positive side. If we succeed in this, we return above the $64000 level and increase the momentum to continue on the bullish side. Potential higher targets are the $64500 and $65000 levels.

A stable bullish trend keeps us on the positive side this week as well

The Bitcoin price’s inability to move above the weekly open price will strengthen the bearish momentum. We will see the initiation of a bearish consolidation and a test of the previous low of $62750. New price pressure in that zone could cause a break below and a drop to a new weekly low. Potential lower targets are the $62500 and $62000 levels. The price expects possible support in the EMA 200 moving average in the $62000 zone.

Recent data reveals a surprising trend in the Bitcoin mining sector: Chinese miners still control the lion’s share of the global hash rate of the BTC network despite the country banning the practice in 2021. According to blockchain data from CryptoQuant CEO Ki Young Ju, Chinese mining pools currently control at least 55% of the global Bitcoin mining network.

The post Bitcoin is increasingly stable above support at $62500 appeared first on FinanceBrokerage.

You May Also Like

Investing

Biren Technology, a Chinese artificial intelligence (AI) chip developer seen as a potential rival to industry leader NVIDIA (NASDAQ:NVDA), is making preparations for an...

Economy

DEFTF Stock Price and Forecast – What Should You Know Have you ever considered investing in the famous DEFTF Stock lately but need to...

Economy

Bitcoin price continues its bullish rally on Wednesday The price of Bitcoin rose this morning to a new weekly high of $64,795 Bitcoin chart...

Stock

Shopify (SHOP) continues to show strong potential for growth, which is supported by fundamentals and technicals. As the broader e-commerce market expands, SHOP is...

Disclaimer: Earlyagenda.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2024 Earlyagenda.com