Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bitcoin Price Corrects to $90K: Healthy Dip or Cause for Concern?

Bitcoin Price Corrects to $90K: Healthy Dip or Cause for Concern?

NewsbtcNewsbtc2024/11/27 03:45
By:Aayush Jindal

Bitcoin price is correcting gains below the $95,000 support. BTC traded close to the $90,000 level and is currently consolidating near $92,500.

  • Bitcoin started a downside correction below the $95,000 zone.
  • The price is trading below $94,500 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it clears the $93,500 resistance zone.

Bitcoin Price Corrects Gains

Bitcoin price struggled to extend gains and started a downside correction below the $97,500 level. BTC dipped below the $96,000 and $95,000 levels. It even dipped below $92,000.

A low was formed at $90,736 and the price is now rising. There was a move above the $91,800 resistance level. The price cleared the 23.6% Fib retracement level of the downward move from the $98,880 swing high to the $90,736 low.

Bitcoin price is now trading below $95,000 and the 100 hourly Simple moving average . On the upside, the price could face resistance near the $93,500 level. There is also a connecting bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $94,800 level. It is close to the 50% Fib retracement level of the downward move from the $98,880 swing high to the $90,736 low.

Source: BTCUSD on TradingView.com

A clear move above the $94,800 resistance might send the price higher. The next key resistance could be $95,750. A close above the $95,750 resistance might initiate more gains. In the stated case, the price could rise and test the $97,500 resistance level. Any more gains might send the price toward the $98,000 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $93,500 resistance zone, it could start another downside correction. Immediate support on the downside is near the $91,800 level.

The first major support is near the $90,500 level. The next support is now near the $90,000 zone. Any more losses might send the price toward the $88,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $91,800, followed by $90,500.

Major Resistance Levels – $93,500, and $94,750.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

SEC acknowledges spot Solana ETF filings from 21Shares, Bitwise, Canary and VanEck

Cboe BZX Exchange filed proposed rule change forms to list and trade shares of spot Solana ETFs from would-be issuers 21Shares, Bitwise, VanEck and Canary.Franklin Templeton also appears to be poised to join the Solana ETF fray after the firm filed documents in Delaware to register the Franklin Solana Trust.

The Block2025/02/11 21:22

Another State in the US Prepares a Bill to Buy Bitcoin! Here Are the Details

North Carolina lawmakers have marked the state’s entry into a growing movement among U.S. states investigating crypto investments.

Bitcoinsistemi2025/02/11 20:55