{"id":25395,"date":"2023-06-14T02:53:04","date_gmt":"2023-06-14T06:53:04","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=25395"},"modified":"2023-06-14T02:53:04","modified_gmt":"2023-06-14T06:53:04","slug":"bitcoin-price-looks-set-to-start-recovery-toward-27k-heres-why","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/14\/bitcoin-price-looks-set-to-start-recovery-toward-27k-heres-why\/","title":{"rendered":"Bitcoin Price Looks Set To Start Recovery Toward $27K, Here\u2019s Why"},"content":{"rendered":"

Bitcoin price is forming a base above the $25,500 support. BTC could start a fresh increase if it clears the key $26,200 resistance zone in the near term.<\/em><\/p>\n

Bitcoin is holding the key $25,500 support zone and consolidating.
\nThe price is trading above $26,000 and the 100 hourly Simple moving average.
\nThere is a major rising channel forming with support near $25,750 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 $26,200 resistance.<\/p>\n

Bitcoin Price Could Soon Recover<\/h2>\n

Bitcoin price is still trading above the $25,400 support zone<\/a>. BTC remained supported after the US CPI report was released which showed the inflation eased to 4% in May 2023.<\/p>\n

The price is slowly moving higher above the $25,800 level. It cleared the 50% Fib retracement level of the recent drop from the $26,260 swing high to the $25,713 low. Besides, there is a major rising channel forming with support near $25,750 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $26,000 and the 100 hourly Simple moving average<\/a>. It seems to be facing resistance near the $26,150 level or the 76.4% Fib retracement level of the recent drop from the $26,260 swing high to the $25,713 low.<\/p>\n

The first major resistance is near the $26,200 level. A clear move above the $26,200 resistance might start a fresh increase. The next major resistance is near the $26,775 level, above which the bulls might send BTC toward the $27,000 resistance zone.<\/p>\n\n

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

The next key resistance is near the $27,200 level, above which Bitcoin might rise toward the $27,500 resistance. Any more gains above the $27,500 resistance zone might send the price toward the $28,000 resistance zone.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $26,200 resistance, it could start another decline. Immediate support on the downside is near the $25,780 level and the channel zone.<\/p>\n

The next major support is near the $25,500 level, below which the price might struggle to remain in a positive zone. 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 $25,750, followed by $25,500.<\/p>\n

Major Resistance Levels \u2013 $26,150, $26,200, and $26,775.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is forming a base above the $25,500 support. BTC could start a fresh increase if it clears the key $26,200 resistance zone in the near term.<\/em><\/p>\n

Bitcoin is holding the key $25,500 support zone and consolidating.
\nThe price is trading above $26,000 and the 100 hourly Simple moving average.
\nThere is a major rising channel forming with support near $25,750 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 $26,200 resistance.<\/p>\n

Bitcoin Price Could Soon Recover<\/h2>\n

Bitcoin price is still trading above the $25,400 support zone<\/a>. BTC remained supported after the US CPI report was released which showed the inflation eased to 4% in May 2023.<\/p>\n

The price is slowly moving higher above the $25,800 level. It cleared the 50% Fib retracement level of the recent drop from the $26,260 swing high to the $25,713 low. Besides, there is a major rising channel forming with support near $25,750 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $26,000 and the 100 hourly Simple moving average<\/a>. It seems to be facing resistance near the $26,150 level or the 76.4% Fib retracement level of the recent drop from the $26,260 swing high to the $25,713 low.<\/p>\n

The first major resistance is near the $26,200 level. A clear move above the $26,200 resistance might start a fresh increase. The next major resistance is near the $26,775 level, above which the bulls might send BTC toward the $27,000 resistance zone.<\/p>\n

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

The next key resistance is near the $27,200 level, above which Bitcoin might rise toward the $27,500 resistance. Any more gains above the $27,500 resistance zone might send the price toward the $28,000 resistance zone.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $26,200 resistance, it could start another decline. Immediate support on the downside is near the $25,780 level and the channel zone.<\/p>\n

The next major support is near the $25,500 level, below which the price might struggle to remain in a positive zone. 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 $25,750, followed by $25,500.<\/p>\n

Major Resistance Levels \u2013 $26,150, $26,200, and $26,775.<\/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-25395","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\/25395","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=25395"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25395\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25395"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}