{"id":24920,"date":"2023-06-02T02:52:56","date_gmt":"2023-06-02T06:52:56","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=24920"},"modified":"2023-06-02T02:52:56","modified_gmt":"2023-06-02T06:52:56","slug":"bitcoin-price-faces-confluence-of-bearish-factors-and-could-decline-heavily","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/02\/bitcoin-price-faces-confluence-of-bearish-factors-and-could-decline-heavily\/","title":{"rendered":"Bitcoin Price Faces Confluence of Bearish Factors And Could Decline Heavily"},"content":{"rendered":"

Bitcoin price is consolidating above the $26,500 support. BTC could decline heavily if there is a clear move below the $26,500 support.<\/em><\/p>\n

Bitcoin is still struggling to stay above the $26,500 support zone.
\nThe price is trading below $27,250 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $27,220 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct higher, but upsides might be contained above the $27,500 resistance.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price remained in a bearish zone below the $27,500 resistance zone<\/a>. BTC failed to recover and started another decline below $27,000.<\/p>\n

There was a spike below the $26,550 support zone but the bulls were active near $26,500. A low is formed near $26,500 and the price is now consolidating losses. It is testing the 23.6% Fib retracement level of the main drop from the $28,450 swing high to the $26,500 low.<\/p>\n

Bitcoin price is now trading below $27,250 and the 100 hourly Simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $27,220 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance on the upside is near the $27,000 level and the trend line. The next major resistance is near the $27,500 level and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the main drop from the $28,450 swing high to the $26,500 low.<\/p>\n\n

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

An upside break and close above $27,500 could start a decent increase toward $28,000. Any more gains above the $28,000 resistance zone might send the price toward the $28,500 resistance zone or even $29,200.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $27,200 resistance, it could continue to move down. Immediate support on the downside is near the $26,560 level.<\/p>\n

The next major support is near the $26,500 zone, below which the price might start a strong decline. In the stated case, the price could drop toward the $25,500 support in the coming sessions.<\/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 below the 50 level.<\/p>\n

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

Major Resistance Levels \u2013 $27,200, $27,400, and $27,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is consolidating above the $26,500 support. BTC could decline heavily if there is a clear move below the $26,500 support.<\/em><\/p>\n

Bitcoin is still struggling to stay above the $26,500 support zone.
\nThe price is trading below $27,250 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $27,220 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct higher, but upsides might be contained above the $27,500 resistance.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price remained in a bearish zone below the $27,500 resistance zone<\/a>. BTC failed to recover and started another decline below $27,000.<\/p>\n

There was a spike below the $26,550 support zone but the bulls were active near $26,500. A low is formed near $26,500 and the price is now consolidating losses. It is testing the 23.6% Fib retracement level of the main drop from the $28,450 swing high to the $26,500 low.<\/p>\n

Bitcoin price is now trading below $27,250 and the 100 hourly Simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $27,220 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance on the upside is near the $27,000 level and the trend line. The next major resistance is near the $27,500 level and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the main drop from the $28,450 swing high to the $26,500 low.<\/p>\n

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

An upside break and close above $27,500 could start a decent increase toward $28,000. Any more gains above the $28,000 resistance zone might send the price toward the $28,500 resistance zone or even $29,200.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $27,200 resistance, it could continue to move down. Immediate support on the downside is near the $26,560 level.<\/p>\n

The next major support is near the $26,500 zone, below which the price might start a strong decline. In the stated case, the price could drop toward the $25,500 support in the coming sessions.<\/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 below the 50 level.<\/p>\n

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

Major Resistance Levels \u2013 $27,200, $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-24920","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\/24920","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=24920"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24920\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24920"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}