{"id":24413,"date":"2023-05-22T04:53:15","date_gmt":"2023-05-22T08:53:15","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=24413"},"modified":"2023-05-22T04:53:15","modified_gmt":"2023-05-22T08:53:15","slug":"bitcoin-price-holds-support-but-bears-are-still-in-control","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/22\/bitcoin-price-holds-support-but-bears-are-still-in-control\/","title":{"rendered":"Bitcoin Price Holds Support But Bears Are Still In Control"},"content":{"rendered":"

Bitcoin price is holding the key $26,550 support zone. BTC could start a major decline if there is a close below $26,550 and $26,400.<\/em><\/p>\n

Bitcoin started another decline and traded below the $26,850 level.
\nThe price is trading below $27,000 and the 100 hourly Simple moving average.
\nThere is a major bearish trend line forming with resistance near $27,120 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bearish momentum if there is a daily close below $26,550.<\/p>\n

Bitcoin Price Remains In A Range<\/h2>\n

Bitcoin price started a fresh decline<\/a> below the $27,000 level. BTC traded below the $26,800 support zone and trimmed most of its gains. However, the bulls were active near the $26,550 support.<\/p>\n

A low is formed near $26,536 and the price is now consolidating losses. It is clearly showing bearish signs below $27,000 and the 100 hourly Simple moving average. There is also a major bearish trend line forming with resistance near $27,120 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now facing resistance near the $26,720 level. It is close to the 23.6% Fib retracement level of the recent decline from the $27,268 swing high to the $26,536 low.<\/p>\n

The next major resistance is near the $27,000 level and the 100 hourly Simple moving average<\/a>. It is close to the 61.8% Fib retracement level of the recent decline from the $27,268 swing high to the $26,536 low. The first major resistance is near the trend line.<\/p>\n\n

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

A close above the $27,120 resistance might reduce selling pressure. The next key resistance is near $27,550, above which the price might start a decent increase toward the $28,000 resistance. Any more gains might send the price toward the $28,500 level.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $27,120 resistance, it could continue to move down. Immediate support on the downside is near the $26,550 level.<\/p>\n

The next major support is near the $26,350 zone, below which the price might gain bearish momentum. In the stated case, it could test the $25,800 level. 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 $26,550, followed by $26,350.<\/p>\n

Major Resistance Levels \u2013 $27,000, $27,120, and $27,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is holding the key $26,550 support zone. BTC could start a major decline if there is a close below $26,550 and $26,400.<\/em><\/p>\n

Bitcoin started another decline and traded below the $26,850 level.
\nThe price is trading below $27,000 and the 100 hourly Simple moving average.
\nThere is a major bearish trend line forming with resistance near $27,120 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bearish momentum if there is a daily close below $26,550.<\/p>\n

Bitcoin Price Remains In A Range<\/h2>\n

Bitcoin price started a fresh decline<\/a> below the $27,000 level. BTC traded below the $26,800 support zone and trimmed most of its gains. However, the bulls were active near the $26,550 support.<\/p>\n

A low is formed near $26,536 and the price is now consolidating losses. It is clearly showing bearish signs below $27,000 and the 100 hourly Simple moving average. There is also a major bearish trend line forming with resistance near $27,120 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now facing resistance near the $26,720 level. It is close to the 23.6% Fib retracement level of the recent decline from the $27,268 swing high to the $26,536 low.<\/p>\n

The next major resistance is near the $27,000 level and the 100 hourly Simple moving average<\/a>. It is close to the 61.8% Fib retracement level of the recent decline from the $27,268 swing high to the $26,536 low. The first major resistance is near the trend line.<\/p>\n

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

A close above the $27,120 resistance might reduce selling pressure. The next key resistance is near $27,550, above which the price might start a decent increase toward the $28,000 resistance. Any more gains might send the price toward the $28,500 level.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $27,120 resistance, it could continue to move down. Immediate support on the downside is near the $26,550 level.<\/p>\n

The next major support is near the $26,350 zone, below which the price might gain bearish momentum. In the stated case, it could test the $25,800 level. 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 $26,550, followed by $26,350.<\/p>\n

Major Resistance Levels \u2013 $27,000, $27,120, and $27,500.<\/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-24413","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\/24413","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=24413"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24413\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24413"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}