{"id":23773,"date":"2023-05-11T03:52:37","date_gmt":"2023-05-11T07:52:37","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=23773"},"modified":"2023-05-11T03:52:37","modified_gmt":"2023-05-11T07:52:37","slug":"bitcoin-price-turns-sell-on-rallies-as-bulls-struggle-to-clear-hurdles","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/11\/bitcoin-price-turns-sell-on-rallies-as-bulls-struggle-to-clear-hurdles\/","title":{"rendered":"Bitcoin Price Turns Sell On Rallies As Bulls Struggle To Clear Hurdles"},"content":{"rendered":"

Bitcoin price is struggling to clear the $28,200 resistance. BTC is again moving lower and might decline toward the $27,000 support zone.<\/em><\/p>\n

Bitcoin attempted an upside break above $28,200 but failed.
\nThe price is trading below $28,000 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if stays below $28,000 and $28,200.<\/p>\n

Bitcoin Price Faces Rejection<\/h2>\n

Bitcoin price started a recovery wave above the $27,800 level. BTC cleared the $28,000 resistance zone<\/a> and spiked above the 100 hourly Simple moving average.<\/p>\n

However, the bears were active above the $28,200 resistance. A high was formed near $28,334 and the price tumbled to $27,000. A low is formed near $26,792 and the price is now consolidating. It is trading near the 50% Fib retracement level recent decline from the $28,334 swing high to the $26,792 low.<\/p>\n

Bitcoin is trading below $28,000 and the 100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $27,750 level. The next major resistance is near the $28,000 level or the trend line. It is close to the 76.4% Fib retracement level recent decline from the $28,334 swing high to the $26,792 low. The main resistance is now forming near the $28,200 level and the 100 hourly Simple moving average.<\/p>\n

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

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

A close above the $28,200 resistance might start a decent increase. The next key resistance is near $28,500, above which the price might climb toward the $29,200 resistance. Any more gains could open the doors for a decent move toward the $29,500 resistance.<\/p>\n

Fresh Decline in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $28,000 resistance, it could continue to move down. Immediate support on the downside is near the $27,200 level.<\/p>\n

The next major support is near the $27,000 zone, below which the price might move further into a bearish zone. In the stated case, it could revisit the $26,500 level. Any more losses might take Bitcoin toward the $26,200 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $27,200, followed by $27,000.<\/p>\n

Major Resistance Levels \u2013 $28,000, $28,200, and $28,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is struggling to clear the $28,200 resistance. BTC is again moving lower and might decline toward the $27,000 support zone.<\/em><\/p>\n

Bitcoin attempted an upside break above $28,200 but failed.
\nThe price is trading below $28,000 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if stays below $28,000 and $28,200.<\/p>\n

Bitcoin Price Faces Rejection<\/h2>\n

Bitcoin price started a recovery wave above the $27,800 level. BTC cleared the $28,000 resistance zone<\/a> and spiked above the 100 hourly Simple moving average.<\/p>\n

However, the bears were active above the $28,200 resistance. A high was formed near $28,334 and the price tumbled to $27,000. A low is formed near $26,792 and the price is now consolidating. It is trading near the 50% Fib retracement level recent decline from the $28,334 swing high to the $26,792 low.<\/p>\n

Bitcoin is trading below $28,000 and the 100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $27,750 level. The next major resistance is near the $28,000 level or the trend line. It is close to the 76.4% Fib retracement level recent decline from the $28,334 swing high to the $26,792 low. The main resistance is now forming near the $28,200 level and the 100 hourly Simple moving average.<\/p>\n

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

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

A close above the $28,200 resistance might start a decent increase. The next key resistance is near $28,500, above which the price might climb toward the $29,200 resistance. Any more gains could open the doors for a decent move toward the $29,500 resistance.<\/p>\n

Fresh Decline in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $28,000 resistance, it could continue to move down. Immediate support on the downside is near the $27,200 level.<\/p>\n

The next major support is near the $27,000 zone, below which the price might move further into a bearish zone. In the stated case, it could revisit the $26,500 level. Any more losses might take Bitcoin toward the $26,200 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $27,200, followed by $27,000.<\/p>\n

Major Resistance Levels \u2013 $28,000, $28,200, and $28,500.<\/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-23773","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\/23773","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=23773"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23773\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=23773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=23773"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=23773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}