{"id":25339,"date":"2023-06-13T03:53:06","date_gmt":"2023-06-13T07:53:06","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=25339"},"modified":"2023-06-13T03:53:06","modified_gmt":"2023-06-13T07:53:06","slug":"bitcoin-price-consolidates-why-100-sma-is-the-key-to-fresh-increase","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/13\/bitcoin-price-consolidates-why-100-sma-is-the-key-to-fresh-increase\/","title":{"rendered":"Bitcoin Price Consolidates, Why 100 SMA Is The Key To Fresh Increase"},"content":{"rendered":"

Bitcoin price is consolidating above the $25,500 support. BTC could start a fresh increase if it settles above the 100 hourly SMA and $26,150.<\/em><\/p>\n

Bitcoin is slowly moving higher from the $25,500 support zone.
\nThe price is trading below $26,000 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $25,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a recovery wave if there is a move above the $26,150 resistance.<\/p>\n

Bitcoin Price Eyes Recovery<\/h2>\n

Bitcoin price formed a base above the $25,400 support zone<\/a>. BTC is now consolidating and slowly moving higher above the $25,650 level but it faces many hurdles.<\/p>\n

The bulls were able to push the price above the 50% Fib retracement level of the recent decline from the $26,200 swing high to the $25,620 low. Besides, there was a break above a major bearish trend line with resistance near $25,900 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now testing $26,000 and the 100 hourly Simple moving average<\/a>. It seems to be facing resistance near the $26,000 zone or the 61.8% Fib retracement level of the recent decline from the $26,200 swing high to the $25,620 low.<\/p>\n

The first major resistance is near the $26,150 level. A clear move above the $26,150 resistance might start a fresh increase. The next major resistance is near the $26,500 level. A close above $26,500 might start a move toward the $26,500 resistance zone.<\/p>\n\n

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

The next key resistance is near the $26,800 level, above which Bitcoin might rise toward the $27,000 resistance. Any more gains above the $27,000 resistance zone might send the price toward the $27,500 resistance zone.<\/p>\n

Another Rejection in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $26,150 resistance, it could start another decline. Immediate support on the downside is near the $25,575 level.<\/p>\n

The next major support is near the $25,400 level, below which the price might gain bearish momentum. In the stated case, the price could drop toward the $25,000 support in the near term.<\/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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $25,575, followed by $25,500.<\/p>\n

Major Resistance Levels \u2013 $26,000, $26,150, and $26,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is consolidating above the $25,500 support. BTC could start a fresh increase if it settles above the 100 hourly SMA and $26,150.<\/em><\/p>\n

Bitcoin is slowly moving higher from the $25,500 support zone.
\nThe price is trading below $26,000 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $25,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a recovery wave if there is a move above the $26,150 resistance.<\/p>\n

Bitcoin Price Eyes Recovery<\/h2>\n

Bitcoin price formed a base above the $25,400 support zone<\/a>. BTC is now consolidating and slowly moving higher above the $25,650 level but it faces many hurdles.<\/p>\n

The bulls were able to push the price above the 50% Fib retracement level of the recent decline from the $26,200 swing high to the $25,620 low. Besides, there was a break above a major bearish trend line with resistance near $25,900 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now testing $26,000 and the 100 hourly Simple moving average<\/a>. It seems to be facing resistance near the $26,000 zone or the 61.8% Fib retracement level of the recent decline from the $26,200 swing high to the $25,620 low.<\/p>\n

The first major resistance is near the $26,150 level. A clear move above the $26,150 resistance might start a fresh increase. The next major resistance is near the $26,500 level. A close above $26,500 might start a move toward the $26,500 resistance zone.<\/p>\n

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

The next key resistance is near the $26,800 level, above which Bitcoin might rise toward the $27,000 resistance. Any more gains above the $27,000 resistance zone might send the price toward the $27,500 resistance zone.<\/p>\n

Another Rejection in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $26,150 resistance, it could start another decline. Immediate support on the downside is near the $25,575 level.<\/p>\n

The next major support is near the $25,400 level, below which the price might gain bearish momentum. In the stated case, the price could drop toward the $25,000 support in the near term.<\/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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $25,575, followed by $25,500.<\/p>\n

Major Resistance Levels \u2013 $26,000, $26,150, and $26,500.<\/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-25339","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\/25339","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=25339"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25339\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25339"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}