{"id":980,"date":"2024-11-01T05:11:06","date_gmt":"2024-11-01T05:11:06","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-takes-a-sharp-dip-is-this-just-a-correction\/"},"modified":"2024-11-01T05:11:06","modified_gmt":"2024-11-01T05:11:06","slug":"bitcoin-price-takes-a-sharp-dip-is-this-just-a-correction","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-takes-a-sharp-dip-is-this-just-a-correction\/","title":{"rendered":"Bitcoin Price Takes a Sharp Dip: Is This Just a Correction?"},"content":{"rendered":"<p><em>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<ul>\n<li>Bitcoin started a fresh decline from the $73,500 zone.<\/li>\n<li>The price is trading below $71,500 and the 100 hourly Simple moving average.<\/li>\n<li>There 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).<\/li>\n<li>The pair is showing a few bearish signs and might test the $68,500 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Trims Gains<\/h2>\n<p>Bitcoin price failed to trade to a new all-time and started a downside correction from the $73,500 resistance zone. There was a move below the $72,500 and $72,000 support levels.<\/p>\n<p>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<p>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. 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<p>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<p><img decoding=\"async\" data-recalc-dims=\"1\" loading=\"lazy\" class=\"wp-image-650994 size-full\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/11\/Bitcoin.png?resize=1024%2C478\" alt=\"Bitcoin Price\" width=\"1024\" height=\"478\" \/><\/p>\n<p>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<h2>More Downsides In BTC?<\/h2>\n<p>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<p>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<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $68,500, followed by $67,400.<\/p>\n<p>Major Resistance Levels \u2013 $70,000, and $71,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&hellip;<\/p>\n","protected":false},"author":1,"featured_media":981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[145],"tags":[65,108,73,70,71,146],"class_list":["post-980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=980"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/980\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/981"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}