{"id":25144,"date":"2023-06-08T02:54:38","date_gmt":"2023-06-08T06:54:38","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=25144"},"modified":"2023-06-08T02:54:38","modified_gmt":"2023-06-08T06:54:38","slug":"bitcoin-price-could-restart-increase-if-it-clears-this-resistance","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/08\/bitcoin-price-could-restart-increase-if-it-clears-this-resistance\/","title":{"rendered":"Bitcoin Price Could Restart Increase If It Clears This Resistance"},"content":{"rendered":"

Bitcoin price is correcting lower from the $27,400 resistance. BTC could start a fresh increase if it is able to clear the $26,600 resistance zone.<\/em><\/p>\n

Bitcoin started a fresh decline after it failed to clear the $27,400 resistance.
\nThe price is trading below $26,600 and the 100 hourly Simple moving average.
\nThere is a key declining channel forming with resistance near $26,580 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could attempt a fresh increase if it clears the $26,580 and $26,600 levels.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price was able to climb back above the $27,000 level<\/a>. BTC even climbed above $27,200 before the bears appeared near the $27,400 zone.<\/p>\n

A high was formed near $27,368 before the price started a fresh decline. There was a move below the $27,000 support zone. The price declined below the 50% Fib retracement level of the upward move from the $25,368 swing low to the $27,368 high.<\/p>\n

Bitcoin price is now trading below $26,600 and the 100 hourly Simple moving average<\/a>. There is also a key declining channel forming with resistance near $26,580 on the hourly chart of the BTC\/USD pair.<\/p>\n

However, it is holding the $26,200 support and the 61.8% Fib retracement level of the upward move from the $25,368 swing low to the $27,368 high. Immediate resistance is near the $26,580 level and the channel zone. The next major resistance is near the $26,600 level. A close above $26,600 might send the price further higher.<\/p>\n\n

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

The next key resistance is near the $27,000 level. A clear move above the $27,000 resistance might call for a move toward the $27,400 resistance. Any more gains above the $27,400 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 $26,600 resistance, it could continue to move down. another decline. Immediate support on the downside is near the $26,200 level.<\/p>\n

The next major support is near the $25,840 level, below which the price might gain bearish momentum. In the stated case, the price could drop toward the $25,400 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 $26,200, followed by $25,840.<\/p>\n

Major Resistance Levels \u2013 $26,600, $27,000, and $27,400.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is correcting lower from the $27,400 resistance. BTC could start a fresh increase if it is able to clear the $26,600 resistance zone.<\/em><\/p>\n

Bitcoin started a fresh decline after it failed to clear the $27,400 resistance.
\nThe price is trading below $26,600 and the 100 hourly Simple moving average.
\nThere is a key declining channel forming with resistance near $26,580 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could attempt a fresh increase if it clears the $26,580 and $26,600 levels.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price was able to climb back above the $27,000 level<\/a>. BTC even climbed above $27,200 before the bears appeared near the $27,400 zone.<\/p>\n

A high was formed near $27,368 before the price started a fresh decline. There was a move below the $27,000 support zone. The price declined below the 50% Fib retracement level of the upward move from the $25,368 swing low to the $27,368 high.<\/p>\n

Bitcoin price is now trading below $26,600 and the 100 hourly Simple moving average<\/a>. There is also a key declining channel forming with resistance near $26,580 on the hourly chart of the BTC\/USD pair.<\/p>\n

However, it is holding the $26,200 support and the 61.8% Fib retracement level of the upward move from the $25,368 swing low to the $27,368 high. Immediate resistance is near the $26,580 level and the channel zone. The next major resistance is near the $26,600 level. A close above $26,600 might send the price further higher.<\/p>\n

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

The next key resistance is near the $27,000 level. A clear move above the $27,000 resistance might call for a move toward the $27,400 resistance. Any more gains above the $27,400 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 $26,600 resistance, it could continue to move down. another decline. Immediate support on the downside is near the $26,200 level.<\/p>\n

The next major support is near the $25,840 level, below which the price might gain bearish momentum. In the stated case, the price could drop toward the $25,400 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 $26,200, followed by $25,840.<\/p>\n

Major Resistance Levels \u2013 $26,600, $27,000, and $27,400.<\/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-25144","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\/25144","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=25144"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25144\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25144"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}