{"id":23500,"date":"2023-05-08T02:52:34","date_gmt":"2023-05-08T06:52:34","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=23500"},"modified":"2023-05-08T02:52:34","modified_gmt":"2023-05-08T06:52:34","slug":"bitcoin-price-faces-another-rejection-risk-of-renewed-downtrend-increases","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/08\/bitcoin-price-faces-another-rejection-risk-of-renewed-downtrend-increases\/","title":{"rendered":"Bitcoin Price Faces Another Rejection, Risk of Renewed Downtrend Increases"},"content":{"rendered":"

Bitcoin price failed to clear the $30,000 resistance. BTC is declining and remains at risk of a move toward the $27,200 support zone.<\/em><\/p>\n

Bitcoin is moving lower from the $29,750 resistance zone.
\nThe price is trading below $28,800 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $28,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if there is a move below the $28,000 support.<\/p>\n

Bitcoin Price Extends Losses<\/h2>\n

Bitcoin price struggled to clear the $30,000 resistance zone<\/a>. BTC faced a strong rejection near $29,750 and started a fresh decline. There was a clear move below the $29,200 and $29,000 levels.<\/p>\n

It traded close to the $28,000 support. A low is formed near $28,100 and the price is now consolidating losses. It is now trading below $28,800 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $28,650 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is facing resistance near the $28,600 level. It is close to the 50% Fib retracement level of the recent decline from the $29,128 swing high to the $28,100 low.<\/p>\n

The next major resistance is near the trend line zone or the 61.8% Fib retracement level of the recent decline from the $29,128 swing high to the $28,100 low, above which the price might rise toward the $29,000 resistance zone or the 100 hourly Simple moving average<\/a>.<\/p>\n

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

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

Any more gains could open the doors for a decent rally toward the $29,750 resistance. In the stated case, the price may perhaps rise toward the $30,000 level.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $28,650 resistance, it could continue to move down. Immediate support on the downside is near the $28,000 level and the recent low.<\/p>\n

The next major support is near the $27,650 zone, below which the price might drop toward the $27,200 support zone. Any more losses might take Bitcoin toward the $26,500 level 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 $28,000, followed by $27,650.<\/p>\n

Major Resistance Levels \u2013 $28,650, $29,000, and $29,750.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price failed to clear the $30,000 resistance. BTC is declining and remains at risk of a move toward the $27,200 support zone.<\/em><\/p>\n

Bitcoin is moving lower from the $29,750 resistance zone.
\nThe price is trading below $28,800 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $28,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if there is a move below the $28,000 support.<\/p>\n

Bitcoin Price Extends Losses<\/h2>\n

Bitcoin price struggled to clear the $30,000 resistance zone<\/a>. BTC faced a strong rejection near $29,750 and started a fresh decline. There was a clear move below the $29,200 and $29,000 levels.<\/p>\n

It traded close to the $28,000 support. A low is formed near $28,100 and the price is now consolidating losses. It is now trading below $28,800 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $28,650 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is facing resistance near the $28,600 level. It is close to the 50% Fib retracement level of the recent decline from the $29,128 swing high to the $28,100 low.<\/p>\n

The next major resistance is near the trend line zone or the 61.8% Fib retracement level of the recent decline from the $29,128 swing high to the $28,100 low, above which the price might rise toward the $29,000 resistance zone or the 100 hourly Simple moving average<\/a>.<\/p>\n

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

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

Any more gains could open the doors for a decent rally toward the $29,750 resistance. In the stated case, the price may perhaps rise toward the $30,000 level.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $28,650 resistance, it could continue to move down. Immediate support on the downside is near the $28,000 level and the recent low.<\/p>\n

The next major support is near the $27,650 zone, below which the price might drop toward the $27,200 support zone. Any more losses might take Bitcoin toward the $26,500 level 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 $28,000, followed by $27,650.<\/p>\n

Major Resistance Levels \u2013 $28,650, $29,000, and $29,750.<\/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-23500","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\/23500","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=23500"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23500\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=23500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=23500"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=23500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}