{"id":23582,"date":"2023-05-09T02:54:44","date_gmt":"2023-05-09T06:54:44","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=23582"},"modified":"2023-05-09T02:54:44","modified_gmt":"2023-05-09T06:54:44","slug":"bitcoin-bears-gains-strength-is-this-renewed-downtrend-or-just-correction","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/09\/bitcoin-bears-gains-strength-is-this-renewed-downtrend-or-just-correction\/","title":{"rendered":"Bitcoin Bears Gains Strength \u2013 Is This Renewed Downtrend or Just Correction"},"content":{"rendered":"

Bitcoin price is moving lower below $28,000. BTC is approaching the $27,000 support, below which there is a risk of an extended decline to $25,500.<\/em><\/p>\n

Bitcoin is moving lower and trading below the $28,200 pivot level.
\nThe price is trading below $28,000 and the 100 hourly Simple moving average.
\nThere is a major bearish trend line forming with resistance near $28,150 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 $27,000 support.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price started a steady decline<\/a> after it broke the $28,800 support zone. BTC gained bearish momentum below the $28,200 and $28,000 levels.<\/p>\n

The bears seem to be gaining strength and they were able to push the price toward the $27,200 support. A low is formed near $27,282 and the price is now consolidating losses. It is trading below $28,000 and the 100 hourly Simple moving average<\/a>.<\/p>\n

There is also a major bearish trend line forming with resistance near $28,150 on the hourly chart of the BTC\/USD pair. Bitcoin is now facing resistance near the $27,750 level. It is close to the 23.6% Fib retracement level of the downward move from the $29,128 swing high to the $27,282 low.<\/p>\n

The next major resistance is near the trend line zone or the 50% Fib retracement level of the downward move from the $29,128 swing high to the $27,282 low. A close above the trend line resistance might send the price toward the $28,800 resistance.<\/p>\n

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

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

The next key resistance is near $29,120, above which the price might rise toward the $29,500 resistance zone. Any more gains could open the doors for a decent increase toward the $29,750 resistance.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $28,150 resistance, it could continue to move down. Immediate support on the downside is near the $27,250 level and the recent low.<\/p>\n

The next major support is near the $27,000 zone, below which the price might drop toward the $26,000 support zone. Any more losses might take Bitcoin toward the $25,500 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 $27,250, followed by $27,000.<\/p>\n

Major Resistance Levels \u2013 $28,000, $28,150, and $28,800.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is moving lower below $28,000. BTC is approaching the $27,000 support, below which there is a risk of an extended decline to $25,500.<\/em><\/p>\n

Bitcoin is moving lower and trading below the $28,200 pivot level.
\nThe price is trading below $28,000 and the 100 hourly Simple moving average.
\nThere is a major bearish trend line forming with resistance near $28,150 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 $27,000 support.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price started a steady decline<\/a> after it broke the $28,800 support zone. BTC gained bearish momentum below the $28,200 and $28,000 levels.<\/p>\n

The bears seem to be gaining strength and they were able to push the price toward the $27,200 support. A low is formed near $27,282 and the price is now consolidating losses. It is trading below $28,000 and the 100 hourly Simple moving average<\/a>.<\/p>\n

There is also a major bearish trend line forming with resistance near $28,150 on the hourly chart of the BTC\/USD pair. Bitcoin is now facing resistance near the $27,750 level. It is close to the 23.6% Fib retracement level of the downward move from the $29,128 swing high to the $27,282 low.<\/p>\n

The next major resistance is near the trend line zone or the 50% Fib retracement level of the downward move from the $29,128 swing high to the $27,282 low. A close above the trend line resistance might send the price toward the $28,800 resistance.<\/p>\n

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

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

The next key resistance is near $29,120, above which the price might rise toward the $29,500 resistance zone. Any more gains could open the doors for a decent increase toward the $29,750 resistance.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $28,150 resistance, it could continue to move down. Immediate support on the downside is near the $27,250 level and the recent low.<\/p>\n

The next major support is near the $27,000 zone, below which the price might drop toward the $26,000 support zone. Any more losses might take Bitcoin toward the $25,500 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 $27,250, followed by $27,000.<\/p>\n

Major Resistance Levels \u2013 $28,000, $28,150, and $28,800.<\/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-23582","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\/23582","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=23582"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23582\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=23582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=23582"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=23582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}