{"id":31413,"date":"2023-10-25T04:52:52","date_gmt":"2023-10-25T08:52:52","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31413"},"modified":"2023-10-25T04:52:52","modified_gmt":"2023-10-25T08:52:52","slug":"bitcoin-bulls-take-back-seat-but-heres-why-dips-are-still-attractive","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/25\/bitcoin-bulls-take-back-seat-but-heres-why-dips-are-still-attractive\/","title":{"rendered":"Bitcoin Bulls Take Back Seat But Here\u2019s Why Dips Are Still Attractive"},"content":{"rendered":"

Bitcoin price started a downside correction from the $35,000 resistance. BTC could start a fresh increase unless there is a move below $32,800.<\/em><\/p>\n

Bitcoin rallied toward the $35,000 resistance before the bears appeared.
\nThe price is trading above $33,200 and the 100 hourly Simple moving average.
\nThere is a key breakout pattern forming with resistance near $34,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower toward the $33,000 zone before it starts a fresh increase.<\/p>\n

Bitcoin Price Corrects Gains<\/h2>\n

Bitcoin price rallied over 15% after there was speculation of spot ETF being listed DTCC<\/a>. BTC surged toward the $35,000 resistance zone before the bears appeared.<\/p>\n

A new multi-week high was formed near $35,225. Recently, the price started a downside correction below the $34,500 level. There was a move below the 23.6% Fib retracement level of the upward move from the $29,694 swing low to the $35,225 high.<\/p>\n

Bitcoin is now trading above $33,200 and the 100 hourly Simple moving average. There is also a key breakout pattern forming with resistance near $34,050 on the hourly chart of the BTC\/USD pair. The triangle support is close to the 50% Fib retracement level of the upward move from the $29,694 swing low to the $35,225 high.<\/p>\n

On the upside, immediate resistance is near the $34,050 level. The next key resistance could be near $34,800. The main resistance is now forming near the $35,000 zone.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A clear move above the $35,000 barrier might send the price toward the $36,200 resistance. The next key resistance could be $37,000. Any more gains might send BTC toward the $38,000 level in the coming days.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $34,050 resistance zone, it could continue to move down. Immediate support on the downside is near the $33,400 level.<\/p>\n

The next major support is near the $32,800 level and the triangle trend line. If there is a move below the trend line support, the price may perhaps decline toward the $31,500 level<\/a> in the coming sessions.<\/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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $33,400, followed by $32,800.<\/p>\n

Major Resistance Levels \u2013 $34,050, $34,800, and $35,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started a downside correction from the $35,000 resistance. BTC could start a fresh increase unless there is a move below $32,800.<\/em><\/p>\n

Bitcoin rallied toward the $35,000 resistance before the bears appeared.
\nThe price is trading above $33,200 and the 100 hourly Simple moving average.
\nThere is a key breakout pattern forming with resistance near $34,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower toward the $33,000 zone before it starts a fresh increase.<\/p>\n

Bitcoin Price Corrects Gains<\/h2>\n

Bitcoin price rallied over 15% after there was speculation of spot ETF being listed DTCC<\/a>. BTC surged toward the $35,000 resistance zone before the bears appeared.<\/p>\n

A new multi-week high was formed near $35,225. Recently, the price started a downside correction below the $34,500 level. There was a move below the 23.6% Fib retracement level of the upward move from the $29,694 swing low to the $35,225 high.<\/p>\n

Bitcoin is now trading above $33,200 and the 100 hourly Simple moving average. There is also a key breakout pattern forming with resistance near $34,050 on the hourly chart of the BTC\/USD pair. The triangle support is close to the 50% Fib retracement level of the upward move from the $29,694 swing low to the $35,225 high.<\/p>\n

On the upside, immediate resistance is near the $34,050 level. The next key resistance could be near $34,800. The main resistance is now forming near the $35,000 zone.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A clear move above the $35,000 barrier might send the price toward the $36,200 resistance. The next key resistance could be $37,000. Any more gains might send BTC toward the $38,000 level in the coming days.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $34,050 resistance zone, it could continue to move down. Immediate support on the downside is near the $33,400 level.<\/p>\n

The next major support is near the $32,800 level and the triangle trend line. If there is a move below the trend line support, the price may perhaps decline toward the $31,500 level<\/a> in the coming sessions.<\/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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $33,400, followed by $32,800.<\/p>\n

Major Resistance Levels \u2013 $34,050, $34,800, and $35,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-31413","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=31413"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31413\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31413"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}