Bitcoin Price Takes a Sharp Dip: Is This Just a Correction?
WikiBit 2024-11-01 11:39Bitcoin 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
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.
More Downsides In BTC？
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.
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.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $68,500, followed by $67,400.
Major Resistance Levels – $70,000, and $71,200.
Disclaimer：
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