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Home»EXCHANGE NEWS»Bitcoin price hints at potential correction, would you buy the dip?
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Bitcoin price hints at potential correction, would you buy the dip?

By Crypto FlexsApril 8, 20243 Mins Read
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Bitcoin price hints at potential correction, would you buy the dip?
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Bitcoin price is showing some positive signs above the $68,500 resistance level. For BTC to continue rising in the near term, it will need to settle above the $70,000 resistance.

  • Bitcoin is eyeing a steady rise above the $69,500 and $70,000 levels.
  • The price is trading above $68,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trend line forming with support near $68,800.
  • If it stays above the $68,000 support zone, it could start a further rise.

Bitcoin price maintains support

Bitcoin price began a significant rise above the $67,500 resistance zone. BTC cleared the $68,500 and $68,800 resistance levels to move into positive territory.

The price surged above the $70,000 resistance. A high was made near $70,300 and the price is currently correcting to the upside. There was a move below the $70,000 level. There was a move below the 23.6% Fib retracement level of the upward move from the $65,116 swing low to the $70,300 high.

Bitcoin is currently trading above $68,000 and the 100-hour simple moving average. Immediate resistance is near the $69,800 level. The first major resistance could be $70,000.

Source: TradingView.com BTCUSD

The next resistance level is currently at $70,300. If there is a clear move above the $70,300 resistance zone, the price could start a new rise. If specified, the price could go as high as $71,200. The next major resistance is near $72,000. If more gains occur, Bitcoin may head towards the $73,500 resistance zone in the near term.

Are dips limited in BTC?

If Bitcoin fails to rise above the $70,000 resistance zone, a downward correction could begin. Immediate support for the downside lies near the $69,000 level or trendline.

The first major support is the 50% Fib retracement level at $67,800 or the rise from the $65,116 swing low to the $70,300 high. The next support is $66,500. If it closes below $66,500, the price could start to fall towards the $65,350 level. More losses could push the price towards the $62,500 support area in the near term.

Technical indicators:

Hourly MACD – MACD is now losing speed in bullish territory.

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

Key support levels – $68,800, then $67,800.

Key resistance levels – $69,800, $70,000 and $71,200.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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