Bitcoin

Resistance

<a href="https://bitcoinworld.co.in/bitcoin-btc-dips-again-temporary-setback-or-buying-opportunity/" title="Bitcoin (BTC) Dips Again: Temporary Setback or Buying Opportunity?" rel="noopener noreferrer nofollow"></a>
Bitcoin (BTC) price started a downside correction from the $71,650 resistance zone. BTC is now consolidating and might correct toward the $69,500 support.
<ul>
 <li style="font-weight: 400"><a href="https://bitcoinworld.co.in/michael-novogratz-predicts-bitcoin-to-100k-by-the-end-of-2024/" rel="noopener noreferrer nofollow">Bitcoin</a> struggled above $71,500 and started a downside correction.</li>
 <li style="font-weight: 400">The price is trading above $70,000 and the 100 hourly Simple moving average.</li>
 <li style="font-weight: 400">There was a break below a key bullish trend line with support at $70,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li>
 <li style="font-weight: 400">The pair could decline further if there is a move below the $70,000 level.</li>
</ul>
<h3 id="span-style-font-weight-400-bitcoin-price-starts-correction-span">Bitcoin Price Starts Correction</h3>
Bitcoin price extended its increase above the $70,000 level. BTC was able to clear the $70,500 and $71,200 levels to move further into a positive zone. However, the bears were active near the $71,650 zone.
A high was formed at $71,682 and the price started a downside correction.&nbsp;
The price declined below the 23.6% Fib retracement level of the upward wave from the $67,285 swing low to the $71,682 high.&nbsp;
There was also a break below a key bullish trend line with support at $70,650 on the hourly chart of the BTC/USD pair.
The price tested the $70,200 support zone. Bitcoin is now trading above $70,000 and the 100 hourly Simple moving average. On the upside, the price is facing resistance near the $70,800 level.
The first major resistance could be $71,200. The next key resistance could be $71,650. A clear move above the $71,650 resistance might send the price higher.&nbsp;
In the stated case, the <a href="https://coinstats.app/coins/bitcoin/" rel="noopener noreferrer nofollow">price</a> could rise and test the $72,000 resistance. Any more gains might send BTC toward the $73,200 resistance.
<h3 id="span-style-font-weight-400-more-downsides-in-btc-span">More Downsides In BTC?</h3>
If Bitcoin fails to climb above the $71,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $70,200 level.
The first major support is $70,000. The next support is now forming near $69,500 or the 50% Fib retracement level of the upward wave from the $67,285 swing low to the $71,682 high. Any more losses might send the price toward the $68,500 support zone in the near term.
<h3 id="span-style-font-weight-400-technical-indicators-span">Technical Indicators:</h3>
<ul>
 <li style="font-weight: 400">Hourly MACD – The MACD is now losing pace in the bullish zone.</li>
 <li style="font-weight: 400">Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.</li>
 <li style="font-weight: 400">Major Support Levels – $70,200, followed by $70,000.</li>
 <li style="font-weight: 400">Major Resistance Levels – $71,200, and $71,650.</li>
</ul>
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote>

Bitcoin (BTC) Dips Again: Temporary Setback or Buying Opportunity?

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