{"id":25642,"date":"2023-06-20T03:52:40","date_gmt":"2023-06-20T07:52:40","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=25642"},"modified":"2023-06-20T03:52:40","modified_gmt":"2023-06-20T07:52:40","slug":"bitcoin-price-extends-recovery-but-lack-of-momentum-remains-a-concern","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/20\/bitcoin-price-extends-recovery-but-lack-of-momentum-remains-a-concern\/","title":{"rendered":"Bitcoin Price Extends Recovery But Lack of Momentum Remains A Concern"},"content":{"rendered":"

Bitcoin price is rising above the $26,500 resistance. BTC could gain bullish momentum if it settles above the $27,200 and $27,500 resistance levels.<\/em><\/p>\n

Bitcoin is slowly moving higher above the $26,500 resistance.
\nThe price is trading above $26,500 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rise further if it clears the $27,200 and $27,500 resistance levels.<\/p>\n

Bitcoin Price Eyes Sustained Upward Move<\/h2>\n

Bitcoin price managed to settle above the $26,000 resistance zone<\/a>. BTC climbed higher steadily above the $26,200 and $26,500 resistance levels. It even spiked above the $27,000 level but there was a lack of bullish momentum.<\/p>\n

A high is formed near $27,184 and the price is now correcting gains. There was a move below the $27,000 support. It is now trading below the 23.6% Fib retracement level of the recent increase from the $26,253 swing low to the $27,184 high.<\/p>\n

Bitcoin price is now trading above $26,500 and the 100 hourly Simple moving average<\/a>. Besides, there is a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC\/USD pair.<\/p>\n\n

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

On the upside, the price is facing resistance near the $27,200 level. The next major resistance is near the $27,500 level. A close above the $27,500 resistance might spark bullish moves in the near term. The next major resistance is near the $28,500 level, above which the bulls might send BTC toward the $29,200 resistance zone.<\/p>\n

Are Dips Supported in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $27,200 resistance, it could continue to move down. Immediate support on the downside is near the $26,700 level.<\/p>\n

The next major support is near the $26,600 level and the trend line. It is close to the 61.8% Fib retracement level of the recent increase from the $26,253 swing low to the $27,184 high. The main support is now near $26,250, below which the price might gain bearish momentum toward $25,750. Any more losses might send the price toward $25,200 in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $26,600, followed by $26,250.<\/p>\n

Major Resistance Levels \u2013 $27,200, $27,500, and $28,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is rising above the $26,500 resistance. BTC could gain bullish momentum if it settles above the $27,200 and $27,500 resistance levels.<\/em><\/p>\n

Bitcoin is slowly moving higher above the $26,500 resistance.
\nThe price is trading above $26,500 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rise further if it clears the $27,200 and $27,500 resistance levels.<\/p>\n

Bitcoin Price Eyes Sustained Upward Move<\/h2>\n

Bitcoin price managed to settle above the $26,000 resistance zone<\/a>. BTC climbed higher steadily above the $26,200 and $26,500 resistance levels. It even spiked above the $27,000 level but there was a lack of bullish momentum.<\/p>\n

A high is formed near $27,184 and the price is now correcting gains. There was a move below the $27,000 support. It is now trading below the 23.6% Fib retracement level of the recent increase from the $26,253 swing low to the $27,184 high.<\/p>\n

Bitcoin price is now trading above $26,500 and the 100 hourly Simple moving average<\/a>. Besides, there is a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

On the upside, the price is facing resistance near the $27,200 level. The next major resistance is near the $27,500 level. A close above the $27,500 resistance might spark bullish moves in the near term. The next major resistance is near the $28,500 level, above which the bulls might send BTC toward the $29,200 resistance zone.<\/p>\n

Are Dips Supported in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $27,200 resistance, it could continue to move down. Immediate support on the downside is near the $26,700 level.<\/p>\n

The next major support is near the $26,600 level and the trend line. It is close to the 61.8% Fib retracement level of the recent increase from the $26,253 swing low to the $27,184 high. The main support is now near $26,250, below which the price might gain bearish momentum toward $25,750. Any more losses might send the price toward $25,200 in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $26,600, followed by $26,250.<\/p>\n

Major Resistance Levels \u2013 $27,200, $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-25642","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\/25642","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=25642"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25642\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25642"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}