{"id":10304,"date":"2024-09-30T02:33:14","date_gmt":"2024-09-30T02:33:14","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=10304"},"modified":"2024-09-30T02:33:14","modified_gmt":"2024-09-30T02:33:14","slug":"bitcoin-price-corrects-recent-gains-is-a-deeper-dip-coming","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=10304","title":{"rendered":"Bitcoin Price Corrects Recent Gains: Is a Deeper Dip Coming?"},"content":{"rendered":"

Bitcoin price extended its increase above $66,000. BTC is now correcting gains below $65,500 and might continue to move down toward $64,000.<\/em><\/p>\n

Bitcoin is correcting gains from the $66,500 zone.
\nThe price is trading below $65,250 and the 100 hourly Simple moving average.
\nThere was a break below a short-term bullish trend line with support at $65,750 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if it stays above the $64,000 support zone.<\/p>\n

Bitcoin Price Starts Downside Correction<\/h2>\n

Bitcoin price remained supported<\/a> near the $63,250 level. BTC extended its increase above the $65,500 resistance zone. It even cleared the $66,000 level.<\/p>\n

A high was formed at $66,452 and the price is now correcting gains. There was a decline below the $66,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $62,672 swing low to the $66,452 high.<\/p>\n

There was a break below a short-term bullish trend line with support at $65,750 on the hourly chart of the BTC\/USD pair. Bitcoin is now trading below $65,500 and the 100 hourly Simple moving average<\/a>.<\/p>\n

The bulls are now trying to protect the $64,500 zone. If there is a fresh increase, the price could face resistance near the $65,250 level. The first key resistance is near the $65,500 level. A clear move above the $65,500 resistance might send the price higher.<\/p>\n

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

The next key resistance could be $66,500. A close above the $66,500 resistance might spark more upsides. In the stated case, the price could rise and test the $68,000 resistance level.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $65,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,200 level and the 61.8% Fib retracement level of the upward move from the $62,672 swing low to the $66,452 high.<\/p>\n

The first major support is near the $64,000 level. The next support is now near the $63,500 zone. Any more losses might send the price toward the $62,650 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $64,200, followed by $64,000.<\/p>\n

Major Resistance Levels \u2013 $65,250, and $65,500.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price extended its increase above $66,000. BTC is now correcting gains below $65,500 and might continue to move down toward $64,000. Bitcoin is correcting gains from the $66,500 zone. The price is trading below $65,250 and the 100 hourly Simple moving average. There was a break below a short-term bullish trend line with support […]<\/p>\n","protected":false},"author":0,"featured_media":10305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10304"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10304"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10304\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10305"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}