{"id":609579,"date":"2024-05-24T01:23:42","date_gmt":"2024-05-24T01:23:42","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=609579"},"modified":"2024-06-11T09:09:48","modified_gmt":"2024-06-11T09:09:48","slug":"bitcoin-price-dips-68250","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-price-dips-68250\/","title":{"rendered":"Bitcoin Price Dips Again: Market Fluctuation or Start of a Correction?"},"content":{"rendered":"<p><em>Bitcoin price extended losses and traded below $68,800 support. BTC is now consolidating and facing hurdles near the $70,000 resistance zone.<\/em><\/p>\n<ul>\n<li>Bitcoin extended its decline below the $68,800 support zone.<\/li>\n<li>The price is trading below $69,000 and the 100 hourly Simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could continue to move done unless the bulls push it back above $70,000.<\/li>\n<\/ul>\n<h2>Bitcoin Price Breaks Support<\/h2>\n<p>Bitcoin price started a downside correction below the <a href=\"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-price-support-68800\/\" target=\"_blank\" rel=\"noopener \">$70,000 support zone<\/a>. BTC bears were able to push the price below major support at $68,800. It sparked bearish moves and the price dipped toward $66,250.<\/p>\n<p>A low was formed at $66,250 and the price is now consolidating losses. There was a minor increase above the $67,250 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low.<\/p>\n<p>However, the bears are active near the $68,350 level and the 50% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low. Bitcoin price is now trading below $69,000 and the <a href=\"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-dips-70k\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>.<\/p>\n<p>If there is a fresh increase, the price might face resistance near the $68,350 level. The first major resistance could be $68,800. There is also a key bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The next key resistance could be $70,000. A clear move above the $70,000 resistance might send the price higher. In the stated case, the price could rise and test the $70,500 resistance.<\/p>\n<figure id=\"attachment_609580\" aria-describedby=\"caption-attachment-609580\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_708899.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-609580 size-full\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_708899.png?resize=1024%2C449\" alt=\"Bitcoin Price\" width=\"1024\" height=\"449\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_708899.png?w=1950 1950w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_708899.png?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_708899.png?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_708899.png?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_708899.png?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_708899.png?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_708899.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-609580\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>If the bulls push the price further higher, there could be a move toward the $71,200 resistance zone. Any more gains might send BTC toward the $71,800 resistance.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to climb above the $69,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,250 level.<\/p>\n<p>The first major support is $66,800. The next support is now forming near $66,250. Any more losses might send the price toward the $65,000 support zone in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing 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 $67,250, followed by $66,250.<\/p>\n<p>Major Resistance Levels \u2013 $68,350, $68,800, and $70,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price extended losses and traded below $68,800 support. BTC is now consolidating and facing hurdles near the $70,000 resistance zone. Bitcoin extended its decline below the $68,800 support zone. The price is trading below $69,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could continue to move done unless the bulls push it back above $70,000. Bitcoin Price Breaks Support Bitcoin price started a downside correction below the $70,000 support zone. BTC bears were able to push the price below major support at $68,800. It sparked bearish moves and the price dipped toward $66,250. A low was formed at $66,250 and the price is now consolidating losses. There was a minor increase above the $67,250 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low. However, the bears are active near the $68,350 level and the 50% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low. Bitcoin price is now trading below $69,000 and the 100 hourly Simple moving average. If there is a fresh increase, the price might face resistance near the $68,350 level. The first major resistance could be $68,800. There is also a key bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC\/USD pair. The next key resistance could be $70,000. A clear move above the $70,000 resistance might send the price higher. In the stated case, the price could rise and test the $70,500 resistance. If the bulls push the price further higher, there could be a move toward the $71,200 resistance zone. Any more gains might send BTC toward the $71,800 resistance. More Losses In BTC? If Bitcoin fails to climb above the $69,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,250 level. The first major support is $66,800. The next support is now forming near $66,250. Any more losses might send the price toward the $65,000 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $67,250, followed by $66,250. Major Resistance Levels \u2013 $68,350, $68,800, and $70,000.<\/p>\n","protected":false},"author":67,"featured_media":609581,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1144,78790,76835],"class_list":["post-609579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Dips Again: Market Fluctuation or Start of a Correction?<\/title>\n<meta name=\"description\" content=\"Bitcoin price extended losses and traded below $68,800 support. 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