{"id":23155,"date":"2023-05-03T03:53:19","date_gmt":"2023-05-03T07:53:19","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=23155"},"modified":"2023-05-03T03:53:19","modified_gmt":"2023-05-03T07:53:19","slug":"bitcoin-price-faces-hurdle-and-remains-at-risk-of-additional-losses","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/03\/bitcoin-price-faces-hurdle-and-remains-at-risk-of-additional-losses\/","title":{"rendered":"Bitcoin Price Faces Hurdle And Remains At Risk of Additional Losses"},"content":{"rendered":"

Bitcoin price is correcting losses from the $27,660 zone. BTC is now facing strong resistance near the $28,800 and $29,000 levels.<\/em><\/p>\n

Bitcoin is attempting a fresh increase above the $28,500 resistance zone.
\nThe price is trading below $28,800 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support near $28,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline again if it fails to surpass the $28,800 resistance zone.<\/p>\n

Bitcoin Price Upsides Capped<\/h2>\n

Bitcoin price formed a base and started a recovery wave<\/a> above the $28,000 resistance zone. BTC climbed above the $28,200 resistance zone to move into a short-term bullish zone.<\/p>\n

There was a move above the 23.6% Fib retracement level of the key drop from the $29,975 swing high to the $27,665 low. However, the bulls faced a strong resistance near the $28,800 zone and the 100 hourly Simple moving average.<\/p>\n

Bitcoin price was rejected near the 50% Fib retracement level of the key drop from the $29,975 swing high to the $27,665 low. It is now trading below $28,800 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Besides, there is a connecting bullish trend line forming with support near $28,200 on the hourly chart of the BTC\/USD pair. Immediate resistance is near the $28,800 level. The next major resistance sits near the $29,000 zone and the $29,080 level.<\/p>\n

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

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

A close above the $29,000 resistance could send Bitcoin further higher. In the stated case, the price may perhaps rise toward the $29,500 level. Any more gains could open the doors for a test of the key barrier at $30,000.<\/p>\n

Another Drop in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $28,800 resistance, it could start another decline. Immediate support on the downside is near the $28,200 level and the trend line.<\/p>\n

The next major support is near the $27,660 zone or the recent swing low, below which the price might drop toward the $27,200 support zone. Any more losses might take Bitcoin toward $26,500 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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $28,200, followed by $27,660.<\/p>\n

Major Resistance Levels \u2013 $28,800, $29,000, and $29,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is correcting losses from the $27,660 zone. BTC is now facing strong resistance near the $28,800 and $29,000 levels.<\/em><\/p>\n

Bitcoin is attempting a fresh increase above the $28,500 resistance zone.
\nThe price is trading below $28,800 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support near $28,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline again if it fails to surpass the $28,800 resistance zone.<\/p>\n

Bitcoin Price Upsides Capped<\/h2>\n

Bitcoin price formed a base and started a recovery wave<\/a> above the $28,000 resistance zone. BTC climbed above the $28,200 resistance zone to move into a short-term bullish zone.<\/p>\n

There was a move above the 23.6% Fib retracement level of the key drop from the $29,975 swing high to the $27,665 low. However, the bulls faced a strong resistance near the $28,800 zone and the 100 hourly Simple moving average.<\/p>\n

Bitcoin price was rejected near the 50% Fib retracement level of the key drop from the $29,975 swing high to the $27,665 low. It is now trading below $28,800 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Besides, there is a connecting bullish trend line forming with support near $28,200 on the hourly chart of the BTC\/USD pair. Immediate resistance is near the $28,800 level. The next major resistance sits near the $29,000 zone and the $29,080 level.<\/p>\n

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

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

A close above the $29,000 resistance could send Bitcoin further higher. In the stated case, the price may perhaps rise toward the $29,500 level. Any more gains could open the doors for a test of the key barrier at $30,000.<\/p>\n

Another Drop in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $28,800 resistance, it could start another decline. Immediate support on the downside is near the $28,200 level and the trend line.<\/p>\n

The next major support is near the $27,660 zone or the recent swing low, below which the price might drop toward the $27,200 support zone. Any more losses might take Bitcoin toward $26,500 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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $28,200, followed by $27,660.<\/p>\n

Major Resistance Levels \u2013 $28,800, $29,000, and $29,500.<\/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-23155","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\/23155","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=23155"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23155\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=23155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=23155"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=23155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}