NewsBTC
1 November 2024
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Bitcoin Price Drops Below $70,000 After Reaching $73,500 High

Bitcoin price is correcting from the $73,500 zone, currently trading below $70,000 and exhibiting bearish signs.

  • Bitcoin began a decline from the $73,500 zone.
  • The price is below $71,500 and the 100 hourly Simple Moving Average (SMA).
  • A break occurred below a key bullish trend line with support at $70,000 on the hourly BTC/USD chart (data feed from Kraken).
  • The pair may test the $68,500 support zone.

Bitcoin Price Trims Gains

Bitcoin failed to reach a new all-time high, starting a downside correction from the $73,500 resistance zone. The price moved below the $72,500 and $72,000 support levels.

The price has dipped below the 50% Fibonacci retracement level of the upward wave from the $65,531 swing low to the $73,575 high. Additionally, there was a break below a key bullish trend line with support at $70,000.

The price decreased over 5%, dropping below $70,000. Bitcoin is now approaching the $68,500 support zone and the 61.8% Fibonacci retracement level of the upward wave from the $65,531 swing low to the $73,575 high.

On the upside, resistance is present near the $70,000 level, with the first key resistance around $70,500. A clear move above this level could lead to further gains, potentially reaching $71,200.

Bitcoin Price

A close above $71,200 may initiate additional gains, possibly testing the $72,500 resistance level. Further increases might lead to a test of $73,200, with a potential revisit of $73,500.

More Downsides In BTC?

If Bitcoin does not rise above the $70,000 resistance zone, it may continue to decline. Immediate support is near the $68,800 level.

The first major support lies at $68,500, followed by $67,400. Additional losses could push the price towards the $66,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bearish zone.

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

Major Support Levels – $68,500, followed by $67,400.

Major Resistance Levels – $70,000, and $71,200.