{"id":10907,"date":"2022-10-31T04:54:42","date_gmt":"2022-10-31T08:54:42","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=10907"},"modified":"2022-10-31T04:54:42","modified_gmt":"2022-10-31T08:54:42","slug":"bitcoin-price-lacking-momentum-above-21k-btc-holders-are-safe-heres-why","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/10\/31\/bitcoin-price-lacking-momentum-above-21k-btc-holders-are-safe-heres-why\/","title":{"rendered":"Bitcoin Price Lacking Momentum Above $21k, BTC Holders Are Safe: Here\u2019s Why"},"content":{"rendered":"

Bitcoin price started a downside correction from $21,000 against the US Dollar. BTC could start a fresh increase if it remains stable above the $20,000 support.<\/em><\/p>\n

Bitcoin is slowly moving lower from the $21,000 resistance zone.
\nThe price is trading below $20,500 and the 100 hourly simple moving average.
\nThere is a key declining channel forming with resistance near $20,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another upward move if it stays above the $20,000 support zone.<\/p>\n

Bitcoin Price Starts Downside Correction<\/h2>\n

Bitcoin price made another attempt to clear the $21,000 resistance zone<\/a>. However, BTC failed to gain momentum above the $21,000 resistance zone.<\/p>\n

A high was formed near $21,074 and the price started a fresh downside correction. There was a move below the $20,600 and $20,500 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $20,029 swing low to $21,074 high.<\/p>\n

Bitcoin price is now trading below $20,500 and the 100 hourly simple moving average<\/a>. There is also a key declining channel forming with resistance near $20,700 on the hourly chart of the BTC\/USD pair.<\/p>\n

The price is now holding the $20,450 support zone. It is close to the 61.8% Fib retracement level of the upward move from the $20,029 swing low to $21,074 high. On the upside, an immediate resistance is near the $20,600 zone and the 100 hourly simple moving average.<\/p>\n

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

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

The first major resistance sits near the $20,700 level and the channel trend line. The next major resistance is still near $21,000. A clear move above the $21,000 resistance might start a steady increase towards the $22,000 resistance. Any more gains open the doors for a test of the $22,500 resistance zone.<\/p>\n

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

If bitcoin fails to rise above the $20,700 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,450 zone.<\/p>\n

The next major support is near the $20,200 zone. The main support sits at $20,000. A downside break and close below $20,000 might open the doors for a substantial decline in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish 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 $20,200, followed by $20,000.<\/p>\n

Major Resistance Levels \u2013 $20,600, $20,700 and $21,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started a downside correction from $21,000 against the US Dollar. BTC could start a fresh increase if it remains stable above the $20,000 support.<\/em><\/p>\n

Bitcoin is slowly moving lower from the $21,000 resistance zone.
\nThe price is trading below $20,500 and the 100 hourly simple moving average.
\nThere is a key declining channel forming with resistance near $20,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another upward move if it stays above the $20,000 support zone.<\/p>\n

Bitcoin Price Starts Downside Correction<\/h2>\n

Bitcoin price made another attempt to clear the $21,000 resistance zone<\/a>. However, BTC failed to gain momentum above the $21,000 resistance zone.<\/p>\n

A high was formed near $21,074 and the price started a fresh downside correction. There was a move below the $20,600 and $20,500 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $20,029 swing low to $21,074 high.<\/p>\n

Bitcoin price is now trading below $20,500 and the 100 hourly simple moving average<\/a>. There is also a key declining channel forming with resistance near $20,700 on the hourly chart of the BTC\/USD pair.<\/p>\n

The price is now holding the $20,450 support zone. It is close to the 61.8% Fib retracement level of the upward move from the $20,029 swing low to $21,074 high. On the upside, an immediate resistance is near the $20,600 zone and the 100 hourly simple moving average.<\/p>\n

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

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

The first major resistance sits near the $20,700 level and the channel trend line. The next major resistance is still near $21,000. A clear move above the $21,000 resistance might start a steady increase towards the $22,000 resistance. Any more gains open the doors for a test of the $22,500 resistance zone.<\/p>\n

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

If bitcoin fails to rise above the $20,700 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,450 zone.<\/p>\n

The next major support is near the $20,200 zone. The main support sits at $20,000. A downside break and close below $20,000 might open the doors for a substantial decline in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish 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 $20,200, followed by $20,000.<\/p>\n

Major Resistance Levels \u2013 $20,600, $20,700 and $21,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-10907","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\/10907","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=10907"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10907\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=10907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=10907"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=10907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}