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- Bitcoin price has begun a downward trend after peaking at the $71,650 resistance zone.
- The cryptocurrency is now stabilizing and may potentially drop closer to the $69,500 support level.
- Notable shifts included a break below an essential bullish trend line, challenging support at $70,650 on the BTC/USD hourly chart, sourced from Kraken.
A comprehensive analysis of Bitcoin’s recent downward correction, and insights into future price movements.
Bitcoin Undergoes Correction Phase
Bitcoin’s value saw an upward surge, successfully surpassing the $70,000 threshold and moving through $70,500 and $71,200, marking positive momentum. However, resistance was encountered around $71,650, leading to a price correction.
The cryptocurrency recorded a high of $71,682 before initiating a downward correction. It descended below the 23.6% Fibonacci retracement level, which tracked the increase from the $67,285 low to the $71,682 high. Additionally, a critical bullish trend line with support at $70,650 was breached on the BTC/USD hourly chart.
This pullback tested the $70,200 support zone. Nevertheless, Bitcoin is currently trading above the $70,000 mark and remains above the 100 hourly Simple Moving Average (SMA). Immediate resistance is noted at around $70,800.
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Potential for Further Decline
If Bitcoin cannot surge past the $71,200 resistance level, it risks further depreciation. Immediate support lies at $70,200, with substantial support forming near the $69,500 level, aligning with the 50% Fibonacci retracement level of the earlier upward trend from $67,285 to $71,682. A sustained drop below this point could see Bitcoin approaching the $68,500 support zone.
Technical indicators highlight a reduction in bullish MACD momentum, and the RSI for BTC/USD has dropped below 50, indicating a neutral to bearish trend.
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Conclusion
In conclusion, while Bitcoin experiences this correction phase, it remains above key support levels. However, failure to breach the immediate resistance at $71,200 could lead to further declines. Investors must watch critical support levels at $70,200 and $69,500 to gauge future price movements. Staying above these milestones is crucial for avoiding a more extended downside scenario.
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