{"id":24992,"date":"2023-06-05T02:52:58","date_gmt":"2023-06-05T06:52:58","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=24992"},"modified":"2023-06-05T02:52:58","modified_gmt":"2023-06-05T06:52:58","slug":"bitcoin-price-topside-bias-vulnerable-if-it-continues-to-struggle-below-28k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/05\/bitcoin-price-topside-bias-vulnerable-if-it-continues-to-struggle-below-28k\/","title":{"rendered":"Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $28K"},"content":{"rendered":"

Bitcoin price is struggling to clear the $27,500 resistance zone. BTC is sliding and there could be a sharp decline toward $25,550 in the coming sessions.<\/em><\/p>\n

Bitcoin is still struggling to stay above the $27,000 support zone.
\nThe price is trading below $27,200 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support near $27,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could revisit the $26,550 support and might continue to decline.<\/p>\n

Bitcoin Price Faces Resistance<\/h2>\n

Bitcoin price started a minor upside correction<\/a> from the $26,550 support zone. BTC climbed above the $27,000 resistance zone and the 100 hourly Simple moving average.<\/p>\n

There was a move above the 23.6% Fib retracement level of the key decline from the $28,450 swing high to the $26,571 low. However, the bears were active near the $27,500 resistance zone. There was no convincing move above the $27,350 resistance zone.<\/p>\n

Bitcoin price stayed below the 50% Fib retracement level of the key decline from the $28,450 swing high to the $26,571 low. It is now trading below $27,200 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Immediate resistance on the upside is near the $27,200 level and the 100 hourly Simple moving average. The next major resistance is near the $27,350 level. The main resistance sits 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 decent increase toward $28,000. Any more gains above the $28,000 resistance zone might send the price toward the $28,500 resistance zone. If there is a close above the $28,500 resistance, there could be a move toward the $30,000 resistance zone in the near term.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $27,350 resistance, it could continue to move down. Immediate support on the downside is near the $26,800 level.<\/p>\n

The next major support is near the $26,550 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 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 $26,800, followed by $26,550.<\/p>\n

Major Resistance Levels \u2013 $27,200, $27,350, and $27,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is struggling to clear the $27,500 resistance zone. BTC is sliding and there could be a sharp decline toward $25,550 in the coming sessions.<\/em><\/p>\n

Bitcoin is still struggling to stay above the $27,000 support zone.
\nThe price is trading below $27,200 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support near $27,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could revisit the $26,550 support and might continue to decline.<\/p>\n

Bitcoin Price Faces Resistance<\/h2>\n

Bitcoin price started a minor upside correction<\/a> from the $26,550 support zone. BTC climbed above the $27,000 resistance zone and the 100 hourly Simple moving average.<\/p>\n

There was a move above the 23.6% Fib retracement level of the key decline from the $28,450 swing high to the $26,571 low. However, the bears were active near the $27,500 resistance zone. There was no convincing move above the $27,350 resistance zone.<\/p>\n

Bitcoin price stayed below the 50% Fib retracement level of the key decline from the $28,450 swing high to the $26,571 low. It is now trading below $27,200 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Immediate resistance on the upside is near the $27,200 level and the 100 hourly Simple moving average. The next major resistance is near the $27,350 level. The main resistance sits 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 decent increase toward $28,000. Any more gains above the $28,000 resistance zone might send the price toward the $28,500 resistance zone. If there is a close above the $28,500 resistance, there could be a move toward the $30,000 resistance zone in the near term.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $27,350 resistance, it could continue to move down. Immediate support on the downside is near the $26,800 level.<\/p>\n

The next major support is near the $26,550 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 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 $26,800, followed by $26,550.<\/p>\n

Major Resistance Levels \u2013 $27,200, $27,350, 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-24992","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\/24992","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=24992"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24992\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24992"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}