CandleFocus Bitcoin Price Takes a Sharp Dip: Is This Just a Correction?
2024-11-01
Author: Content Editor
The Bitcoin price is experiencing a correction after failing to reach a new all-time high. It has dipped below key support levels and is currently trading below $70,000 and the 100 hourly Simple Moving Average. The price could face resistance near $70,000 and $70,500, with potential further gains if it breaks above $71,200. On the other hand, if it fails to rise above $70,000, it may continue to move downward with immediate support near $68,800 and major support levels at $68,500 and $67,400. Technical indicators suggest a bearish trend with the MACD in the bearish zone and the RSI below 50.
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