{"id":24522,"date":"2023-05-24T03:58:31","date_gmt":"2023-05-24T07:58:31","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=24522"},"modified":"2023-05-24T03:58:31","modified_gmt":"2023-05-24T07:58:31","slug":"bitcoin-price-fails-again-but-this-support-could-spark-fresh-increase","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/24\/bitcoin-price-fails-again-but-this-support-could-spark-fresh-increase\/","title":{"rendered":"Bitcoin Price Fails Again But This Support Could Spark Fresh Increase"},"content":{"rendered":"

Bitcoin price is struggling to clear the $27,500 resistance. BTC could attempt another increase if it stays above the $27,000 support.<\/em><\/p>\n

Bitcoin is still struggling to gain pace above the $27,400 and $27,500 levels.
\nThe price is trading above $27,000 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $27,140 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if it stays above the $27,000 pivot level.<\/p>\n

Bitcoin Price Revisits Support<\/h2>\n

Bitcoin price started a decent increase<\/a> from the $26,550 zone. BTC was able to clear the $26,850 and $27,000 resistance levels. It also sparked some positive moves in Ethereum.<\/p>\n

During the increase, there was a break above a major bearish trend line with resistance near $27,140 on the hourly chart of the BTC\/USD pair. The pair spiked above the $27,400 resistance but there was no upside continuation. A high is formed near $27,511 and the price is now moving lower.<\/p>\n

There was a move below the 23.6% Fib retracement level of the upward move from the $26,536 swing low to the $27,511 high. Bitcoin price is now trading above $27,000 and the 100 hourly Simple moving average<\/a>. It is also testing the broken trend line at $27,150.<\/p>\n

Immediate resistance on the upside is near the $27,280 level. The next major resistance is near the $27,400 level. The main resistance is still near $27,500. A close above the $27,500 resistance zone might send the price toward the $28,200 resistance zone.<\/p>\n\n

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

The next key resistance is near $28,500, above which the price might start a strong increase toward the $29,200 resistance. Any more gains might send the price toward the $30,000 level.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $27,500 resistance, it could start another decline. Immediate support on the downside is near the $27,000 level and the 100 hourly Simple moving average.<\/p>\n

The 50% Fib retracement level of the upward move from the $26,536 swing low to the $27,511 high is also near $27,000. The next major support is near the $26,850 zone, below which the price might revisit the $26,550 support. Any more losses might take Bitcoin toward the $26,000 level 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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $27,000, followed by $26,550.<\/p>\n

Major Resistance Levels \u2013 $27,280, $27,400, and $27,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is struggling to clear the $27,500 resistance. BTC could attempt another increase if it stays above the $27,000 support.<\/em><\/p>\n

Bitcoin is still struggling to gain pace above the $27,400 and $27,500 levels.
\nThe price is trading above $27,000 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $27,140 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if it stays above the $27,000 pivot level.<\/p>\n

Bitcoin Price Revisits Support<\/h2>\n

Bitcoin price started a decent increase<\/a> from the $26,550 zone. BTC was able to clear the $26,850 and $27,000 resistance levels. It also sparked some positive moves in Ethereum.<\/p>\n

During the increase, there was a break above a major bearish trend line with resistance near $27,140 on the hourly chart of the BTC\/USD pair. The pair spiked above the $27,400 resistance but there was no upside continuation. A high is formed near $27,511 and the price is now moving lower.<\/p>\n

There was a move below the 23.6% Fib retracement level of the upward move from the $26,536 swing low to the $27,511 high. Bitcoin price is now trading above $27,000 and the 100 hourly Simple moving average<\/a>. It is also testing the broken trend line at $27,150.<\/p>\n

Immediate resistance on the upside is near the $27,280 level. The next major resistance is near the $27,400 level. The main resistance is still near $27,500. A close above the $27,500 resistance zone might send the price toward the $28,200 resistance zone.<\/p>\n

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

The next key resistance is near $28,500, above which the price might start a strong increase toward the $29,200 resistance. Any more gains might send the price toward the $30,000 level.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $27,500 resistance, it could start another decline. Immediate support on the downside is near the $27,000 level and the 100 hourly Simple moving average.<\/p>\n

The 50% Fib retracement level of the upward move from the $26,536 swing low to the $27,511 high is also near $27,000. The next major support is near the $26,850 zone, below which the price might revisit the $26,550 support. Any more losses might take Bitcoin toward the $26,000 level 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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $27,000, followed by $26,550.<\/p>\n

Major Resistance Levels \u2013 $27,280, $27,400, 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-24522","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\/24522","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=24522"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24522\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24522"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}