Bitcoin price started a fresh increase above the $62,000 zone. BTC is gaining pace and might aim for more gains above the $63,500 zone.

• Bitcoin is eyeing a fresh increase above the $63,500 zone.
• The price is trading above $63,250 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $62,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to rise if it clears the $64,200 resistance zone.

Bitcoin Price Regains Traction

Bitcoin price formed a support base above the $60,000 zone. BTC started a fresh increase above the $61,200 and $62,000 resistance levels. The bulls even pumped the price above the $63,000 resistance.

It traded as high as $63,949 and the price is now consolidating gains. It seems like the price is showing signs of a fresh rally above $63,500. BTC is above the 23.6% Fib retracement level of the upward move from the $62,324 swing low to the $63,949 high.

Bitcoin price is now trading above $63,250 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $62,900 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $64,000 level. The first key resistance is near the $64,200 level. A clear move above the $64,200 resistance might send the price higher. The next key resistance could be $65,000.

A close above the $65,000 resistance might initiate more gains. In the stated case, the price could rise and test the $65,500 resistance level. Any more gains might send the price toward the $66,500 resistance level.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $64,000 resistance zone, it could start another decline. Immediate support on the downside is near the $63,500 level.

The first major support is near the $63,000 level or the 50% Fib retracement level of the upward move from the $62,324 swing low to the $63,949 high or the trend line. The next support is now near the $62,500 zone. Any more losses might send the price toward the $61,800 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $63,500, followed by $63,000.

Major Resistance Levels – $64,000, and $64,200.

Coinbase wants court approval for an interlocutory appeal in its ongoing legal battle with the Securities and Exchange Commission (SEC).

This request follows Coinbase’s original filing in April, nearly seven months ago. Coinbase aims to have the Appellate Court review the application of the “Howey Test,” a critical standard for determining securities classification.

Coinbase Request Interlocutory Appeal

In response, the SEC urged the court to deny the appeal, arguing that Coinbase lacks valid grounds for its request. Judge Failla has yet to make a decision on the initial request.

However, Coinbase has renewed its appeal following the SEC’s recent move to contest the Ripple decision. The regulator argued that the ruling contradicts Supreme Court precedents and securities regulations.

In an October 4 letter to Judge Katherine Polk Failla, Coinbase urged the court to approve its motion to certify an interlocutory appeal against the SEC. If granted, this would allow the Second Circuit to address Coinbase’s legal concerns before the lower court makes a final decision.

Read more: Coinbase Review 2024: The Best Crypto Exchange for Beginners?

Coinbase argued that its own appeal should proceed to the Second Circuit simultaneously with the SEC’s appeal. According to the exchange, this alignment would provide the court with a more comprehensive view of the SEC’s legal strategy.

The exchange argues that granting its request for an interlocutory appeal would ensure that the Second Circuit fully understands the SEC’s litigation approach. According to the firm, this is essential since the SEC recently acknowledged that its position has caused “confusion.”

“The SEC has conceded, and now reconfirms by its appeal in Ripple, that the issues presented by Howey’s application to secondary-market digital asset transactions are of ‘industry-wide significance,’” Coinbase argued.

Read more: Who Is Brian Armstrong? A Deep Dive Into the Coinbase Founder

Cryptocurrency lawyer James Murphy called Coinbase’s legal strategy a smart move. He expressed surprise that the court has yet to rule on the original motion, given how quickly similar motions are typically approved. However, Murphy believes that the SEC’s appeal in the Ripple case could strengthen Coinbase’s argument going forward.

“It is astounding that Judge Failla never ruled on Coinbase’s original motion for interlocutory appeal filed back in April. Those motions are normally ruled on very quickly. The SEC’s appeal in Ripple just strengthened Coinbase’s argument,” Murphy stated.