{"id":26024,"date":"2023-06-28T02:52:46","date_gmt":"2023-06-28T06:52:46","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=26024"},"modified":"2023-06-28T02:52:46","modified_gmt":"2023-06-28T06:52:46","slug":"bitcoin-price-consolidates-below-31k-as-the-bulls-take-back-seat","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/28\/bitcoin-price-consolidates-below-31k-as-the-bulls-take-back-seat\/","title":{"rendered":"Bitcoin Price Consolidates Below $31K As The Bulls Take Back Seat"},"content":{"rendered":"

Bitcoin price is still struggling to clear the $31,000 resistance. BTC is trading in a range and might revisit the $30,000 support zone.<\/em><\/p>\n

Bitcoin is consolidating above the $30,000 support zone.
\nThe price is trading just below $30,500 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $30,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower toward the $30,000 support or even $29,550.<\/p>\n

Bitcoin Price Faces Resistance<\/h2>\n

Bitcoin price remained supported near the $30,000 zone<\/a>. BTC traded as low as $29,914 and recently started a fresh increase. There was a move above the $30,200 and $30,250 levels.<\/p>\n

The price cleared the 50% Fib retracement level of the downward move from the $31,436 swing high to the $29,914 low. Besides, there was a break above a major bearish trend line with resistance near $30,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

However, the bears seem to be active near the $31,000 resistance zone. Bitcoin struggled to clear the 76.4% Fib retracement level of the downward move from the $31,436 swing high to the $29,914 low.<\/p>\n

The price is now trading just below $30,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $30,680 level. The first major resistance is near the $30,950 level, above which the price might revisit the $31,400 resistance zone.<\/p>\n\n

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

The next major resistance is near the $32,000 level. An upside break above the $32,000 resistance might send BTC toward $32,500. Any more gains could open the doors for a move toward the $33,200 resistance zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $30,950 resistance, it could continue to move down. Immediate support on the downside is near the $30,250 level or the broken trend line zone.<\/p>\n

The next major support is near the $30,000 level, below which there could be a drop toward the $29,550 support. Any more losses might send the price toward the $28,750 support region 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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $30,000, followed by $29,550.<\/p>\n

Major Resistance Levels \u2013 $30,680, $30,950, and $31,400.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is still struggling to clear the $31,000 resistance. BTC is trading in a range and might revisit the $30,000 support zone.<\/em><\/p>\n

Bitcoin is consolidating above the $30,000 support zone.
\nThe price is trading just below $30,500 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $30,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower toward the $30,000 support or even $29,550.<\/p>\n

Bitcoin Price Faces Resistance<\/h2>\n

Bitcoin price remained supported near the $30,000 zone<\/a>. BTC traded as low as $29,914 and recently started a fresh increase. There was a move above the $30,200 and $30,250 levels.<\/p>\n

The price cleared the 50% Fib retracement level of the downward move from the $31,436 swing high to the $29,914 low. Besides, there was a break above a major bearish trend line with resistance near $30,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

However, the bears seem to be active near the $31,000 resistance zone. Bitcoin struggled to clear the 76.4% Fib retracement level of the downward move from the $31,436 swing high to the $29,914 low.<\/p>\n

The price is now trading just below $30,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $30,680 level. The first major resistance is near the $30,950 level, above which the price might revisit the $31,400 resistance zone.<\/p>\n

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

The next major resistance is near the $32,000 level. An upside break above the $32,000 resistance might send BTC toward $32,500. Any more gains could open the doors for a move toward the $33,200 resistance zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $30,950 resistance, it could continue to move down. Immediate support on the downside is near the $30,250 level or the broken trend line zone.<\/p>\n

The next major support is near the $30,000 level, below which there could be a drop toward the $29,550 support. Any more losses might send the price toward the $28,750 support region 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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $30,000, followed by $29,550.<\/p>\n

Major Resistance Levels \u2013 $30,680, $30,950, and $31,400.<\/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-26024","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\/26024","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=26024"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/26024\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=26024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=26024"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=26024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}