{"id":16988,"date":"2023-01-27T03:53:00","date_gmt":"2023-01-27T07:53:00","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=16988"},"modified":"2023-01-27T03:53:00","modified_gmt":"2023-01-27T07:53:00","slug":"bitcoin-price-holds-key-support-but-the-bulls-seem-to-be-losing-steam","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/01\/27\/bitcoin-price-holds-key-support-but-the-bulls-seem-to-be-losing-steam\/","title":{"rendered":"Bitcoin Price Holds Key Support But The Bulls Seem To Be Losing Steam"},"content":{"rendered":"

Bitcoin price failed to settle above $23,500 and corrected lower. BTC is trading above $22,400, but it is now trading below the 100 hourly SMA.<\/em><\/p>\n

Bitcoin is slowly moving lower from the $23,500 resistance zone.
\nThe price is trading below $23,000 and the 100 hourly simple moving average.
\nThere is a key contracting triangle forming with resistance near $23,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if it clears the $23,000 resistance zone.<\/p>\n

Bitcoin Price Faces Resistance<\/h2>\n

Bitcoin price attempted a fresh increase<\/a> above the $23,500 resistance zone. However, BTC struggled to gain bullish momentum above the $23,800 level. A new yearly high was formed near $23,829 and the price started a downside correction.<\/p>\n

There was a drop below the $23,200 and $23,000 support levels. The price even spiked below $22,500 and traded as low as $22,492. It is now consolidating losses above $22,500.<\/p>\n

Bitcoin price is now trading below $23,000 and the 100 hourly simple moving average<\/a>. There is also a key contracting triangle forming with resistance near $23,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

It is slowly moving above the 23.6% Fib retracement level of the recent decline from the $23,829 swing high to $22,492 low. An immediate resistance is near the $23,000 level, the 100 hourly simple moving average, and the triangle trend line.<\/p>\n

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

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

The next major resistance is near the $23,150 zone or the 50% Fib retracement level of the recent decline from the $23,829 swing high to $22,492 low, above which the price might gain bullish momentum. In the stated case, the price may perhaps rise towards the $23,800 level. The next resistance could be near the $24,200 level. Any more gains might send btc price towards the $25,000 level.<\/p>\n

Downside Break in BTC?<\/h2>\n

If bitcoin price fails to clear the $23,000 resistance, it could continue to move down. An immediate support on the downside is near the $22,500 zone and the triangle lower trend line.<\/p>\n

The next major support is near the $22,400 zone. A downside break below the $22,400 level might send the price towards the $22,000 level. Any more losses might send the price to $21,250 in the near term.<\/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 $22,500, followed by $22,400.<\/p>\n

Major Resistance Levels \u2013 $23,000, $23,150 and $23,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price failed to settle above $23,500 and corrected lower. BTC is trading above $22,400, but it is now trading below the 100 hourly SMA.<\/em><\/p>\n

Bitcoin is slowly moving lower from the $23,500 resistance zone.
\nThe price is trading below $23,000 and the 100 hourly simple moving average.
\nThere is a key contracting triangle forming with resistance near $23,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if it clears the $23,000 resistance zone.<\/p>\n

Bitcoin Price Faces Resistance<\/h2>\n

Bitcoin price attempted a fresh increase<\/a> above the $23,500 resistance zone. However, BTC struggled to gain bullish momentum above the $23,800 level. A new yearly high was formed near $23,829 and the price started a downside correction.<\/p>\n

There was a drop below the $23,200 and $23,000 support levels. The price even spiked below $22,500 and traded as low as $22,492. It is now consolidating losses above $22,500.<\/p>\n

Bitcoin price is now trading below $23,000 and the 100 hourly simple moving average<\/a>. There is also a key contracting triangle forming with resistance near $23,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

It is slowly moving above the 23.6% Fib retracement level of the recent decline from the $23,829 swing high to $22,492 low. An immediate resistance is near the $23,000 level, the 100 hourly simple moving average, and the triangle trend line.<\/p>\n

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

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

The next major resistance is near the $23,150 zone or the 50% Fib retracement level of the recent decline from the $23,829 swing high to $22,492 low, above which the price might gain bullish momentum. In the stated case, the price may perhaps rise towards the $23,800 level. The next resistance could be near the $24,200 level. Any more gains might send btc price towards the $25,000 level.<\/p>\n

Downside Break in BTC?<\/h2>\n

If bitcoin price fails to clear the $23,000 resistance, it could continue to move down. An immediate support on the downside is near the $22,500 zone and the triangle lower trend line.<\/p>\n

The next major support is near the $22,400 zone. A downside break below the $22,400 level might send the price towards the $22,000 level. Any more losses might send the price to $21,250 in the near term.<\/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 $22,500, followed by $22,400.<\/p>\n

Major Resistance Levels \u2013 $23,000, $23,150 and $23,500.<\/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-16988","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\/16988","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=16988"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/16988\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=16988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=16988"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=16988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}