{"id":50834,"date":"2025-03-10T03:30:26","date_gmt":"2025-03-10T03:30:26","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=50834"},"modified":"2025-03-10T03:30:26","modified_gmt":"2025-03-10T03:30:26","slug":"bitcoin-price-dives-once-more-is-a-deeper-correction-underway","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=50834","title":{"rendered":"Bitcoin Price Dives Once More\u2014Is a Deeper Correction Underway?"},"content":{"rendered":"

Bitcoin price started a fresh decline from the $92,000 zone. BTC is back below $85,500 and might continue to move down below $80,000.<\/em><\/p>\n

Bitcoin started a fresh decline below the $85,000 zone.
\nThe price is trading below $85,000 and the 100 hourly Simple moving average.
\nThere is a short-term bearish trend line forming with resistance at $83,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another decline if it fails to clear the $80,000 resistance zone.<\/p>\n

Bitcoin Price Faces Resistance<\/h2>\n

Bitcoin price started a fresh decline below the $88,000 level. BTC traded below the $86,000 and $85,000 support levels. Finally, the price tested the $80,000 support zone<\/a>.<\/p>\n

A low was formed at $80,006 and the price recently started a recovery wave. There was a move above the $80,500 and $81,200 resistance levels. The bulls pushed the price toward the 23.6% Fib retracement level of the downward move from the $91,060 swing high to the $80,006 low.<\/p>\n

Bitcoin price is now trading below $85,000 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $82,700 level. The first key resistance is near the $83,000 level.<\/p>\n

There is also a short-term bearish trend line forming with resistance at $83,200 on the hourly chart of the BTC\/USD pair. The next key resistance could be $85,000. It is near the 50% Fib retracement level of the downward move from the $91,060 swing high to the $80,006 low.<\/p>\n

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

A close above the $85,000 resistance might send the price further higher. In the stated case, the price could rise and test the $87,500 resistance level. Any more gains might send the price toward the $90,000 level or even $96,200.<\/p>\n

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

If Bitcoin fails to rise above the $83,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $81,000 level. The first major support is near the $80,200 level.<\/p>\n

The next support is now near the $80,000 zone. Any more losses might send the price toward the $78,000 support in the near term. The main support sits at $75,000.<\/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 $80,000, followed by $78,000.<\/p>\n

Major Resistance Levels \u2013 $83,000 and $85,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started a fresh decline from the $92,000 zone. BTC is back below $85,500 and might continue to move down below $80,000. Bitcoin started a fresh decline below the $85,000 zone. The price is trading below $85,000 and the 100 hourly Simple moving average. There is a short-term bearish trend line forming with resistance […]<\/p>\n","protected":false},"author":0,"featured_media":50835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-50834","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\/50834"}],"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=50834"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/50834\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/50835"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}