{"id":17084,"date":"2024-11-01T03:19:08","date_gmt":"2024-11-01T03:19:08","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=17084"},"modified":"2024-11-01T03:19:08","modified_gmt":"2024-11-01T03:19:08","slug":"bitcoin-price-takes-a-sharp-dip-is-this-just-a-correction","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=17084","title":{"rendered":"Bitcoin Price Takes a Sharp Dip: Is This Just a Correction?"},"content":{"rendered":"

Bitcoin price is correcting gains from the $73,500 zone. BTC is back below the $70,000 level and showing a few bearish signs.<\/em><\/p>\n

Bitcoin started a fresh decline from the $73,500 zone.
\nThe price is trading below $71,500 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support at $70,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is showing a few bearish signs and might test the $68,500 support zone.<\/p>\n

Bitcoin Price Trims Gains<\/h2>\n

Bitcoin price failed to trade to a new all-time and started a downside correction<\/a> from the $73,500 resistance zone. There was a move below the $72,500 and $72,000 support levels.<\/p>\n

The price dipped below the 50% Fib retracement level of the upward wave from the $65,531 swing low to the $73,575 high. Besides, there was a break below a key bullish trend line with support at $70,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

The price is down over 5% and there was a move below $70,000. Bitcoin price is now trading below $70,000 and the 100 hourly Simple moving average<\/a>. It is now approaching the $68,500 support zone and the 61.8% Fib retracement level of the upward wave from the $65,531 swing low to the $73,575 high.<\/p>\n

On the upside, the price could face resistance near the $70,000 level. The first key resistance is near the $70,500 level. A clear move above the $70,500 resistance might send the price higher. The next key resistance could be $71,200.<\/p>\n

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

A close above the $71,200 resistance might initiate more gains. In the stated case, the price could rise and test the $72,500 resistance level. Any more gains might send the price toward the $73,200 resistance level. Any more gains might call for a test of $73,500.<\/p>\n

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

If Bitcoin fails to rise above the $70,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $68,800 level.<\/p>\n

The first major support is near the $68,500 level. The next support is now near the $67,400 zone. Any more losses might send the price toward the $66,500 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 $68,500, followed by $67,400.<\/p>\n

Major Resistance Levels \u2013 $70,000, and $71,200.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price is correcting gains from the $73,500 zone. BTC is back below the $70,000 level and showing a few bearish signs. Bitcoin started a fresh decline from the $73,500 zone. The price is trading below $71,500 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with […]<\/p>\n","protected":false},"author":0,"featured_media":17085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17084","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\/17084"}],"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=17084"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17084\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/17085"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}