{"id":25205,"date":"2023-06-09T01:53:10","date_gmt":"2023-06-09T05:53:10","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=25205"},"modified":"2023-06-09T01:53:10","modified_gmt":"2023-06-09T05:53:10","slug":"bitcoin-price-defies-gravity-but-here-is-why-it-could-decline-again","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/09\/bitcoin-price-defies-gravity-but-here-is-why-it-could-decline-again\/","title":{"rendered":"Bitcoin Price Defies Gravity But Here Is Why It Could Decline Again"},"content":{"rendered":"

Bitcoin price is consolidating above the $26,000 support. BTC could start another decline if it stays below $27,400 for a long time.<\/em><\/p>\n

Bitcoin is struggling to gain pace for a move above the $27,400 resistance.
\nThe price is trading near $26,500 and the 100 hourly Simple moving average.
\nThere was a break above a declining channel with resistance near $26,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline again if there is a move below the $26,000 support zone.<\/p>\n

Bitcoin Price Faces Resistance<\/h2>\n

Bitcoin price remained stable above the $26,000 level<\/a>. BTC traded as low as $26,139 and recently started an upside correction. It was able to climb above the $26,250 level.<\/p>\n

There was a move above the 23.6% Fib retracement level of the downward move from the $27,387 swing high to the $26,139 low. Besides, there was a break above a declining channel with resistance near $26,420 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading near $26,500 and the 100 hourly Simple moving average<\/a>. It seems to be facing resistance near the $26,750 level. It is close to the 50% Fib retracement level of the downward move from the $27,387 swing high to the $26,139 low.<\/p>\n

A clear move above the $26,750 resistance might start a decent increase. The next major resistance is near the $27,000 level. A close above $27,000 might send the price further higher.<\/p>\n\n

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

The next key resistance is near the $27,400 level. A clear move above the $27,400 resistance might call for a move toward the $27,500 resistance. Any more gains above the $27,500 resistance zone might send the price toward the $28,500 resistance zone.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $27,000 resistance, it could continue to move down. another decline. Immediate support on the downside is near the $26,140 level.<\/p>\n

The next major support is near the $25,850 level, below which the price might accelerate lower. In the stated case, the price could drop toward the $25,400 support in the near term.<\/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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $26,140, followed by $25,840.<\/p>\n

Major Resistance Levels \u2013 $26,750, $27,000, and $27,400.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is consolidating above the $26,000 support. BTC could start another decline if it stays below $27,400 for a long time.<\/em><\/p>\n

Bitcoin is struggling to gain pace for a move above the $27,400 resistance.
\nThe price is trading near $26,500 and the 100 hourly Simple moving average.
\nThere was a break above a declining channel with resistance near $26,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline again if there is a move below the $26,000 support zone.<\/p>\n

Bitcoin Price Faces Resistance<\/h2>\n

Bitcoin price remained stable above the $26,000 level<\/a>. BTC traded as low as $26,139 and recently started an upside correction. It was able to climb above the $26,250 level.<\/p>\n

There was a move above the 23.6% Fib retracement level of the downward move from the $27,387 swing high to the $26,139 low. Besides, there was a break above a declining channel with resistance near $26,420 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading near $26,500 and the 100 hourly Simple moving average<\/a>. It seems to be facing resistance near the $26,750 level. It is close to the 50% Fib retracement level of the downward move from the $27,387 swing high to the $26,139 low.<\/p>\n

A clear move above the $26,750 resistance might start a decent increase. The next major resistance is near the $27,000 level. A close above $27,000 might send the price further higher.<\/p>\n

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

The next key resistance is near the $27,400 level. A clear move above the $27,400 resistance might call for a move toward the $27,500 resistance. Any more gains above the $27,500 resistance zone might send the price toward the $28,500 resistance zone.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $27,000 resistance, it could continue to move down. another decline. Immediate support on the downside is near the $26,140 level.<\/p>\n

The next major support is near the $25,850 level, below which the price might accelerate lower. In the stated case, the price could drop toward the $25,400 support in the near term.<\/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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $26,140, followed by $25,840.<\/p>\n

Major Resistance Levels \u2013 $26,750, $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-25205","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\/25205","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=25205"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25205\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25205"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}