{"id":25090,"date":"2023-06-07T02:52:39","date_gmt":"2023-06-07T06:52:39","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=25090"},"modified":"2023-06-07T02:52:39","modified_gmt":"2023-06-07T06:52:39","slug":"bitcoin-price-trims-losses-but-key-breakout-resistance-is-still-intact","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/07\/bitcoin-price-trims-losses-but-key-breakout-resistance-is-still-intact\/","title":{"rendered":"Bitcoin Price Trims Losses But Key Breakout Resistance Is Still Intact"},"content":{"rendered":"

Bitcoin price trimmed yesterday\u2019s losses and climbed above $26,500. BTC is now again facing strong resistance near the $27,400 zone.<\/em><\/p>\n

Bitcoin started a fresh decline after it dived toward the $25,500 support.
\nThe price is trading above $26,500 and the 100 hourly Simple moving average.
\nThere was a break above a connecting bearish trend line with resistance near $26,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is now facing a major hurdle near the $27,400 and $27,500 levels.<\/p>\n

Bitcoin Price Revisits $27,500<\/h2>\n

Bitcoin price found support near the $25,400 zone after a major decline<\/a>. BTC formed a base and was able to start a recovery wave above the $26,000 level.<\/p>\n

There was a break above a connecting bearish trend line with resistance near $26,000 on the hourly chart of the BTC\/USD pair. The pair was able to clear the $27,000 resistance to move into a positive zone. However, the bears were again active near the $27,400 and $27,500 levels.<\/p>\n

A high is formed near $27,368 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the recent increase from the $25,369 swing low to the $27,368 high.<\/p>\n

Bitcoin price is trading above $26,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $27,400 level. The next major resistance is near the $27,500 level. A close above $27,500 might send the price further higher.<\/p>\n\n

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

The next key resistance is near the $28,000 level. An upside break and close above $28,000 could start a decent increase toward $28,500. Any more gains above the $28,500 resistance zone might send the price toward the $29,500 resistance zone.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $27,400 resistance, it could start another decline. Immediate support on the downside is near the $26,800 level and the 100 hourly SMA.<\/p>\n

The next major support is near the $26,400 zone or the 50% Fib retracement level of the recent increase from the $25,369 swing low to the $27,368 high, below which the price might regain 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 bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is above the 50 level.<\/p>\n

Major Support Levels \u2013 $26,400, followed by $26,000.<\/p>\n

Major Resistance Levels \u2013 $27,400, $27,500, and $28,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price trimmed yesterday\u2019s losses and climbed above $26,500. BTC is now again facing strong resistance near the $27,400 zone.<\/em><\/p>\n

Bitcoin started a fresh decline after it dived toward the $25,500 support.
\nThe price is trading above $26,500 and the 100 hourly Simple moving average.
\nThere was a break above a connecting bearish trend line with resistance near $26,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is now facing a major hurdle near the $27,400 and $27,500 levels.<\/p>\n

Bitcoin Price Revisits $27,500<\/h2>\n

Bitcoin price found support near the $25,400 zone after a major decline<\/a>. BTC formed a base and was able to start a recovery wave above the $26,000 level.<\/p>\n

There was a break above a connecting bearish trend line with resistance near $26,000 on the hourly chart of the BTC\/USD pair. The pair was able to clear the $27,000 resistance to move into a positive zone. However, the bears were again active near the $27,400 and $27,500 levels.<\/p>\n

A high is formed near $27,368 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the recent increase from the $25,369 swing low to the $27,368 high.<\/p>\n

Bitcoin price is trading above $26,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $27,400 level. The next major resistance is near the $27,500 level. A close above $27,500 might send the price further higher.<\/p>\n

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

The next key resistance is near the $28,000 level. An upside break and close above $28,000 could start a decent increase toward $28,500. Any more gains above the $28,500 resistance zone might send the price toward the $29,500 resistance zone.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $27,400 resistance, it could start another decline. Immediate support on the downside is near the $26,800 level and the 100 hourly SMA.<\/p>\n

The next major support is near the $26,400 zone or the 50% Fib retracement level of the recent increase from the $25,369 swing low to the $27,368 high, below which the price might regain 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 bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is above the 50 level.<\/p>\n

Major Support Levels \u2013 $26,400, followed by $26,000.<\/p>\n

Major Resistance Levels \u2013 $27,400, $27,500, and $28,500.<\/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-25090","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\/25090","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=25090"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25090\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25090"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}