{"id":17883,"date":"2024-11-05T02:55:55","date_gmt":"2024-11-05T02:55:55","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=17883"},"modified":"2024-11-05T02:55:55","modified_gmt":"2024-11-05T02:55:55","slug":"bitcoin-price-decline-worsens-could-it-be-setting-up-for-major-reversal","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=17883","title":{"rendered":"Bitcoin Price Decline Worsens: Could It Be Setting Up for Major Reversal?"},"content":{"rendered":"

Bitcoin price is struggling below the $69,500 zone. BTC is showing signs of weakness and upsides might be capped near the $69,200 level.<\/em><\/p>\n

Bitcoin started a fresh decline from the $70,000 zone.
\nThe price is trading below $70,000 and the 100 hourly Simple moving average.
\nThere is a new connecting bearish trend line forming with resistance at $68,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could struggle to recover above the $69,200 resistance zone.<\/p>\n

Bitcoin Price Faces Hurdles<\/h2>\n

Bitcoin price failed to start a fresh increase and extended losses<\/a> below the $70,500 zone. There was a move below the $70,000 and $69,200 support levels.<\/p>\n

The price even declined below $68,000 and tested $66,800. A low was formed at $66,836 and the price is now attempting to recover. There was a move above the $67,500 resistance. The price tested the 23.6% Fib retracement level of the downward move from the $71,576 swing high to the $66,836 low.<\/p>\n

Bitcoin price is now trading below $70,000 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $68,200 level. There is also a new connecting bearish trend line forming with resistance at $68,400 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first key resistance is near the $69,200 level or the 50% Fib retracement level of the downward move from the $71,576 swing high to the $66,836 low. A clear move above the $69,200 resistance might send the price higher. The next key resistance could be $70,000.<\/p>\n

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

A close above the $70,000 resistance might initiate more gains. In the stated case, the price could rise and test the $71,200 resistance level. Any more gains might send the price toward the $72,000 resistance level.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $69,200 resistance zone, it could start another decline. Immediate support on the downside is near the $67,400 level.<\/p>\n

The first major support is near the $66,800 level. The next support is now near the $66,500 zone. Any more losses might send the price toward the $65,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $67,500, followed by $66,800.<\/p>\n

Major Resistance Levels \u2013 $69,200, and $70,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price is struggling below the $69,500 zone. BTC is showing signs of weakness and upsides might be capped near the $69,200 level. Bitcoin started a fresh decline from the $70,000 zone. The price is trading below $70,000 and the 100 hourly Simple moving average. There is a new connecting bearish trend line forming with […]<\/p>\n","protected":false},"author":0,"featured_media":17884,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17883","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\/17883"}],"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=17883"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17883\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/17884"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}