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{"id":611847,"date":"2024-06-07T02:58:22","date_gmt":"2024-06-07T02:58:22","guid":{"rendered":"https:\/\/www.wncen.com\/?p=611847"},"modified":"2024-06-11T07:43:25","modified_gmt":"2024-06-11T07:43:25","slug":"bitcoin-dips-again-70k","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/bitcoin-dips-again-70k\/","title":{"rendered":"Bitcoin Dips Again: Temporary Setback or Buying Opportunity?"},"content":{"rendered":"

Bitcoin price started a downside correction from the $71,650 resistance zone. BTC is now consolidating and might correct toward the $69,500 support.<\/em><\/p>\n

\n
Bitcoin struggled above $71,500 and started a downside correction.<\/li>\n
The price is trading above $70,000 and the 100 hourly Simple moving average.<\/li>\n
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>\n
The pair could decline further if there is a move below the $70,000 level.<\/li>\n<\/ul>\n
Bitcoin Price Starts Correction<\/h2>\n
Bitcoin price extended its increase<\/a> 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.<\/p>\n
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.<\/p>\n
The price tested the $70,200 support zone. Bitcoin is now trading above $70,000 and the 100 hourly Simple moving average<\/a>. On the upside, the price is facing resistance near the $70,800 level.<\/p>\n
$\"Bitcoin$ <\/a>
Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
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.<\/p>\n
More Downsides In BTC?<\/h2>\n
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.<\/p>\n
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.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $70,200, followed by $70,000.<\/p>\n
Major Resistance Levels \u2013 $71,200, and $71,650.<\/p>\n","protected":false},"excerpt":{"rendered":"
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. 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 \u2013 The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $70,200, followed by $70,000. Major Resistance Levels \u2013 $71,200, and $71,650.<\/p>\n","protected":false},"author":67,"featured_media":611849,"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-611847","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":"\nBitcoin Dips Again: Temporary Setback or Buying Opportunity?<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a downside correction from the $71,650 resistance zone. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/www.wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Dips Again: Temporary Setback or Buying Opportunity?","url":"http:\/\/www.wncen.com\/news\/bitcoin-dips-again-70k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/bitcoin-dips-again-70k\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin-BTC-Dip.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin-BTC-Dip.jpg?fit=1792%2C1024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btcusd","btcusdt","xbtusd"],"dateCreated":"2024-06-07T02:58:22Z","datePublished":"2024-06-07T02:58:22Z","dateModified":"2024-06-11T07:43:25Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Dips Again: Temporary Setback or Buying Opportunity?\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/bitcoin-dips-again-70k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/bitcoin-dips-again-70k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin-BTC-Dip.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin-BTC-Dip.jpg?fit=1792%2C1024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2024-06-07T02:58:22Z\",\"datePublished\":\"2024-06-07T02:58:22Z\",\"dateModified\":\"2024-06-11T07:43:25Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin-BTC-Dip.jpg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/611847"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=611847"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/611847\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/611849"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=611847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=611847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=611847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}