{"id":26714,"date":"2023-07-13T02:53:05","date_gmt":"2023-07-13T06:53:05","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=26714"},"modified":"2023-07-13T02:53:05","modified_gmt":"2023-07-13T06:53:05","slug":"bitcoin-price-fails-to-follow-gold-after-us-cpi-more-losses-ahead","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/13\/bitcoin-price-fails-to-follow-gold-after-us-cpi-more-losses-ahead\/","title":{"rendered":"Bitcoin Price Fails To Follow Gold After US CPI, More Losses Ahead?"},"content":{"rendered":"

Bitcoin price failed to gain bullish momentum after the US CPI release. BTC is trading below $30,500 and there is a risk of a drop toward $29,850.<\/em><\/p>\n

Bitcoin failed to clear the $30,850 resistance and reacted to the downside.
\nThe price is trading below $30,500 and the 100 hourly Simple moving average.
\nThere was a break below a connecting bullish trend line with support near $30,620 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it fails to stay above the $30,200 support.<\/p>\n

Bitcoin Price Faces Another Rejection<\/h2>\n

Bitcoin price attempted a fresh increase above the $30,500 resistance zone<\/a>. BTC climbed above the $30,750 level but the bears were active near the $30,850 resistance zone.<\/p>\n

A high was formed near $30,850 and the price reacted to the downside. There was a break below a connecting bullish trend line with support near $30,620 on the hourly chart of the BTC\/USD pair. The pair even declined below the $30,500 support.<\/p>\n

A low is formed near $30,230 and the price is now consolidating losses. Bitcoin is now trading below $30,500 and the 100 hourly Simple moving average.<\/p>\n

It is stuck near the 23.6% Fib retracement level of the recent decline from the $30,850 swing high to the $30,230 low. Immediate resistance is near the $30,400 level and the 100 hourly Simple moving average<\/a>. The next resistance is near the $30,550 zone.<\/p>\n\n

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

The 50% Fib retracement level of the recent decline from the $30,850 swing high to the $30,230 low is also near $30,550, above which the price could gain bullish momentum. In the stated case, BTC might rise toward the $30,850 resistance. The next major resistance is near the $31,000 level. Any more gains could open the doors for a move toward the $31,400 resistance zone.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $30,500 resistance, it could start another decline. Immediate support on the downside is near the $30,230 level.<\/p>\n

The next major support is near the $30,000 level, below which there could be a drop toward the $29,850 support zone. Any more losses might send the price toward the $29,400 level 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 now below the 50 level.<\/p>\n

Major Support Levels \u2013 $30,230, followed by $30,000.<\/p>\n

Major Resistance Levels \u2013 $30,400, $30,550, and $31,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price failed to gain bullish momentum after the US CPI release. BTC is trading below $30,500 and there is a risk of a drop toward $29,850.<\/em><\/p>\n

Bitcoin failed to clear the $30,850 resistance and reacted to the downside.
\nThe price is trading below $30,500 and the 100 hourly Simple moving average.
\nThere was a break below a connecting bullish trend line with support near $30,620 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it fails to stay above the $30,200 support.<\/p>\n

Bitcoin Price Faces Another Rejection<\/h2>\n

Bitcoin price attempted a fresh increase above the $30,500 resistance zone<\/a>. BTC climbed above the $30,750 level but the bears were active near the $30,850 resistance zone.<\/p>\n

A high was formed near $30,850 and the price reacted to the downside. There was a break below a connecting bullish trend line with support near $30,620 on the hourly chart of the BTC\/USD pair. The pair even declined below the $30,500 support.<\/p>\n

A low is formed near $30,230 and the price is now consolidating losses. Bitcoin is now trading below $30,500 and the 100 hourly Simple moving average.<\/p>\n

It is stuck near the 23.6% Fib retracement level of the recent decline from the $30,850 swing high to the $30,230 low. Immediate resistance is near the $30,400 level and the 100 hourly Simple moving average<\/a>. The next resistance is near the $30,550 zone.<\/p>\n

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

The 50% Fib retracement level of the recent decline from the $30,850 swing high to the $30,230 low is also near $30,550, above which the price could gain bullish momentum. In the stated case, BTC might rise toward the $30,850 resistance. The next major resistance is near the $31,000 level. Any more gains could open the doors for a move toward the $31,400 resistance zone.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $30,500 resistance, it could start another decline. Immediate support on the downside is near the $30,230 level.<\/p>\n

The next major support is near the $30,000 level, below which there could be a drop toward the $29,850 support zone. Any more losses might send the price toward the $29,400 level 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 now below the 50 level.<\/p>\n

Major Support Levels \u2013 $30,230, followed by $30,000.<\/p>\n

Major Resistance Levels \u2013 $30,400, $30,550, and $31,000.<\/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-26714","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\/26714","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=26714"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/26714\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=26714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=26714"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=26714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}