{"id":24867,"date":"2023-06-01T03:52:35","date_gmt":"2023-06-01T07:52:35","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=24867"},"modified":"2023-06-01T03:52:35","modified_gmt":"2023-06-01T07:52:35","slug":"bitcoin-price-takes-hit-upsides-turn-attractive-to-sellers","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/01\/bitcoin-price-takes-hit-upsides-turn-attractive-to-sellers\/","title":{"rendered":"Bitcoin Price Takes Hit \u2013 Upsides Turn Attractive To Sellers"},"content":{"rendered":"

Bitcoin price started a fresh decline below the $27,500 support. BTC is now showing a lot of bearish signs below the $27,400 pivot level.<\/em><\/p>\n

Bitcoin started a fresh decline and tumbled below the key $27,500 support zone.
\nThe price is trading below $27,550 and the 100 hourly Simple moving average.
\nThere is a major bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct higher, but upsides might be limited above the $27,500 resistance.<\/p>\n

Bitcoin Price Drops Again<\/h2>\n

Bitcoin price failed to start a fresh increase above the $28,000 resistance zone<\/a>. BTC started a fresh decline and traded below the key $27,500 support zone.<\/p>\n

There was a clear move below the $27,400 level and the 100 hourly Simple moving average. The price even dived below the $27,000 level and traded close to the $26,500 support. A low is formed near $26,571 and the price is now consolidating losses.<\/p>\n

Bitcoin price is trading below $27,550 and the 100 hourly Simple moving average<\/a>. There is also a major bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance on the upside is near the $26,920 level. It is close to the 50% Fib retracement level of the recent decline from the $27,287 swing high to the $26,571 low. The next major resistance is near the $27,100 level.<\/p>\n

The stated resistance is near the 76.4% Fib retracement level of the recent decline from the $27,287 swing high to the $26,571 low. The main resistance is near the $27,500 level.<\/p>\n\n

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

An upside break and close above $27,500 could start a steady increase toward $28,000. If the bulls manage to clear the $28,000 resistance zone might send the price toward the $28,500 resistance zone.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $27,100 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 $26,500 zone, below which the price might gain bearish momentum. In the stated case, the price could drop toward the $26,000 support.<\/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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $26,550, followed by $26,500.<\/p>\n

Major Resistance Levels \u2013 $27,100, $27,400, and $27,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started a fresh decline below the $27,500 support. BTC is now showing a lot of bearish signs below the $27,400 pivot level.<\/em><\/p>\n

Bitcoin started a fresh decline and tumbled below the key $27,500 support zone.
\nThe price is trading below $27,550 and the 100 hourly Simple moving average.
\nThere is a major bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct higher, but upsides might be limited above the $27,500 resistance.<\/p>\n

Bitcoin Price Drops Again<\/h2>\n

Bitcoin price failed to start a fresh increase above the $28,000 resistance zone<\/a>. BTC started a fresh decline and traded below the key $27,500 support zone.<\/p>\n

There was a clear move below the $27,400 level and the 100 hourly Simple moving average. The price even dived below the $27,000 level and traded close to the $26,500 support. A low is formed near $26,571 and the price is now consolidating losses.<\/p>\n

Bitcoin price is trading below $27,550 and the 100 hourly Simple moving average<\/a>. There is also a major bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance on the upside is near the $26,920 level. It is close to the 50% Fib retracement level of the recent decline from the $27,287 swing high to the $26,571 low. The next major resistance is near the $27,100 level.<\/p>\n

The stated resistance is near the 76.4% Fib retracement level of the recent decline from the $27,287 swing high to the $26,571 low. The main resistance is near the $27,500 level.<\/p>\n

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

An upside break and close above $27,500 could start a steady increase toward $28,000. If the bulls manage to clear the $28,000 resistance zone might send the price toward the $28,500 resistance zone.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $27,100 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 $26,500 zone, below which the price might gain bearish momentum. In the stated case, the price could drop toward the $26,000 support.<\/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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $26,550, followed by $26,500.<\/p>\n

Major Resistance Levels \u2013 $27,100, $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-24867","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\/24867","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=24867"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24867\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24867"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}