Bitcoin Dips Again: Temporary Setback or Buying Opportunity?

Bitcoin price started a downside correction from the $71,650 resistance zone. BTC is now consolidating and might correct toward the $69,500 support.

  • Bitcoin struggled above $71,500 and started a downside correction.
  • The price is trading above $70,000 and the 100 hourly Simple moving average.
  • 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).
  • The pair could decline further if there is a move below the $70,000 level.

Bitcoin Price Starts Correction

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. 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. 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.

Bitcoin Price

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. In the stated case, the price could rise and test the $72,000 resistance. Any more gains might send BTC toward the $73,200 resistance.

More Downsides In BTC?

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.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $70,200, followed by $70,000.

Major Resistance Levels – $71,200, and $71,650.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Latest posts

post-thumbnail
Kaanch’s Gold Tokenization to Explode 19800% to $63: The Top Layer 1 Over Solana’s $200 Recovery
The post Kaanch’s Gold Tokenization to Explode 19800% to $63: The Top Layer 1 Over Solana’s $200...
READ MORE
post-thumbnail
Bitcoin Bull vs. Neo Pepe Protocol—Where Will Smart Investors Go?
The post Bitcoin Bull vs. Neo Pepe Protocol—Where Will Smart Investors Go? appeared first on Coinp...
READ MORE
post-thumbnail
2 Tokens Below $0.50 That Will Join Ripple (XRP) and Ethereum (ETH) in the Top 5 By 2026
The post 2 Tokens Below $0.50 That Will Join Ripple (XRP) and Ethereum (ETH) in the Top 5 By 2026 ap...
READ MORE
post-thumbnail
Missed Solana (SOL)? This Cheap Crypto Under $0.05 is Poised to Join the Top 10 Too
The post Missed Solana (SOL)? This Cheap Crypto Under $0.05 is Poised to Join the Top 10 Too appeare...
READ MORE
post-thumbnail
XRP’s 2025 Outlook: Will It Explode or Slow Down?
The post XRP’s 2025 Outlook: Will It Explode or Slow Down? appeared first on Coinpedia Fintech New...
READ MORE
post-thumbnail
This Meme Coin Under $0.002 is Positioned to Fly Past  Shiba Inu (SHIB) and Pepe (PEPE)
The post This Meme Coin Under $0.002 is Positioned to Fly Past  Shiba Inu (SHIB) and Pepe (PEPE) ap...
READ MORE
Read more posts