{"id":36597,"date":"2024-03-01T03:52:34","date_gmt":"2024-03-01T07:52:34","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=36597"},"modified":"2024-03-01T03:52:34","modified_gmt":"2024-03-01T07:52:34","slug":"bitcoin-price-turns-attractive-on-dips-100-sma-is-the-key","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/03\/01\/bitcoin-price-turns-attractive-on-dips-100-sma-is-the-key\/","title":{"rendered":"Bitcoin Price Turns Attractive On Dips, 100 SMA Is The Key"},"content":{"rendered":"

Bitcoin price is correcting gains from the $64,000 resistance. BTC might find strong support near the $59,250 level or the 100 hourly SMA.<\/em><\/p>\n

Bitcoin price is correcting gains below the $62,250 resistance zone.
\nThe price is trading above $60,000 and the 100 hourly Simple moving average.
\nThere was a break below a connecting bullish trend line with support at $62,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower toward $60,000 or even to the 100 hourly Simple moving average.<\/p>\n

Bitcoin Price Starts Correction<\/h2>\n

Bitcoin price extended its rally above the $62,000 resistance zone<\/a>. BTC even cleared the $63,200 level and tested the $64,000 zone. A new multi-week high was formed near $64,000 before the price started a downside correction.<\/p>\n

The price traded below the $62,000 support. There was a spike below the 50% Fib retracement level of the upward move from the $57,846 swing low to the $53,549 swing high.<\/p>\n

There was a break below a connecting bullish trend line with support at $62,850 on the hourly chart of the BTC\/USD pair. Bitcoin is still trading above $60,000 and the 100 hourly Simple moving average<\/a>.<\/p>\n

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

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

Immediate resistance is near the $62,200 level. The next key resistance could be $62,850, above which the price could rise toward the $64,000 resistance zone. If the bulls remain in action, the price could even surpass $64,000 and test $65,000. Any more gains might send the price toward the $68,000 zone.<\/p>\n

Are Dips Limited In BTC?<\/h2>\n

If Bitcoin fails to rise above the $62,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,000 level and the 61.8% Fib retracement level of the upward move from the $57,846 swing low to the $53,549 swing high.<\/p>\n

The first major support is $58,000 or the 100 hourly SMA. If there is a close below $58,000, the price could start a decent pullback toward the $56,500 zone. Any more losses might send the price toward the $55,000 support zone.<\/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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $60,000, followed by $58,000.<\/p>\n

Major Resistance Levels \u2013 $62,200, $62,850, and $64,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is correcting gains from the $64,000 resistance. BTC might find strong support near the $59,250 level or the 100 hourly SMA.<\/em><\/p>\n

Bitcoin price is correcting gains below the $62,250 resistance zone.
\nThe price is trading above $60,000 and the 100 hourly Simple moving average.
\nThere was a break below a connecting bullish trend line with support at $62,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower toward $60,000 or even to the 100 hourly Simple moving average.<\/p>\n

Bitcoin Price Starts Correction<\/h2>\n

Bitcoin price extended its rally above the $62,000 resistance zone<\/a>. BTC even cleared the $63,200 level and tested the $64,000 zone. A new multi-week high was formed near $64,000 before the price started a downside correction.<\/p>\n

The price traded below the $62,000 support. There was a spike below the 50% Fib retracement level of the upward move from the $57,846 swing low to the $53,549 swing high.<\/p>\n

There was a break below a connecting bullish trend line with support at $62,850 on the hourly chart of the BTC\/USD pair. Bitcoin is still trading above $60,000 and the 100 hourly Simple moving average<\/a>.<\/p>\n

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

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

Immediate resistance is near the $62,200 level. The next key resistance could be $62,850, above which the price could rise toward the $64,000 resistance zone. If the bulls remain in action, the price could even surpass $64,000 and test $65,000. Any more gains might send the price toward the $68,000 zone.<\/p>\n

Are Dips Limited In BTC?<\/h2>\n

If Bitcoin fails to rise above the $62,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,000 level and the 61.8% Fib retracement level of the upward move from the $57,846 swing low to the $53,549 swing high.<\/p>\n

The first major support is $58,000 or the 100 hourly SMA. If there is a close below $58,000, the price could start a decent pullback toward the $56,500 zone. Any more losses might send the price toward the $55,000 support zone.<\/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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $60,000, followed by $58,000.<\/p>\n

Major Resistance Levels \u2013 $62,200, $62,850, and $64,000.<\/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-36597","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\/36597","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=36597"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36597\/revisions"}],"predecessor-version":[{"id":36604,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36597\/revisions\/36604"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36597"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}