{"id":23828,"date":"2024-11-27T02:38:23","date_gmt":"2024-11-27T02:38:23","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=23828"},"modified":"2024-11-27T02:38:23","modified_gmt":"2024-11-27T02:38:23","slug":"bitcoin-price-corrects-to-90k-healthy-dip-or-cause-for-concern","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=23828","title":{"rendered":"Bitcoin Price Corrects to $90K: Healthy Dip or Cause for Concern?"},"content":{"rendered":"

Bitcoin price is correcting gains below the $95,000 support. BTC traded close to the $90,000 level and is currently consolidating near $92,500.<\/em><\/p>\n

Bitcoin started a downside correction below the $95,000 zone.
\nThe price is trading below $94,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if it clears the $93,500 resistance zone.<\/p>\n

Bitcoin Price Corrects Gains<\/h2>\n

Bitcoin price struggled to extend gains and started a downside correction<\/a> below the $97,500 level. BTC dipped below the $96,000 and $95,000 levels. It even dipped below $92,000.<\/p>\n

A low was formed at $90,736 and the price is now rising. There was a move above the $91,800 resistance level. The price cleared the 23.6% Fib retracement level of the downward move from the $98,880 swing high to the $90,736 low.<\/p>\n

Bitcoin price is now trading below $95,000 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $93,500 level. There is also a connecting bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first key resistance is near the $94,800 level. It is close to the 50% Fib retracement level of the downward move from the $98,880 swing high to the $90,736 low.<\/p>\n

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

A clear move above the $94,800 resistance might send the price higher. The next key resistance could be $95,750. A close above the $95,750 resistance might initiate more gains. In the stated case, the price could rise and test the $97,500 resistance level. Any more gains might send the price toward the $98,000 level.<\/p>\n

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

If Bitcoin fails to rise above the $93,500 resistance zone, it could start another downside correction. Immediate support on the downside is near the $91,800 level.<\/p>\n

The first major support is near the $90,500 level. The next support is now near the $90,000 zone. Any more losses might send the price toward the $88,000 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish 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 $91,800, followed by $90,500.<\/p>\n

Major Resistance Levels \u2013 $93,500, and $94,750.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price is correcting gains below the $95,000 support. BTC traded close to the $90,000 level and is currently consolidating near $92,500. Bitcoin started a downside correction below the $95,000 zone. The price is trading below $94,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at […]<\/p>\n","protected":false},"author":0,"featured_media":23829,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-23828","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\/23828"}],"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=23828"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23828\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/23829"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}