{"id":26928,"date":"2023-07-18T03:53:03","date_gmt":"2023-07-18T07:53:03","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=26928"},"modified":"2023-07-18T03:53:03","modified_gmt":"2023-07-18T07:53:03","slug":"bitcoin-price-needs-to-clear-30500-for-hopes-of-a-fresh-rally","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/18\/bitcoin-price-needs-to-clear-30500-for-hopes-of-a-fresh-rally\/","title":{"rendered":"Bitcoin Price Needs To Clear $30,500 For Hopes of a Fresh Rally"},"content":{"rendered":"

Bitcoin price is again moving lower toward the $29,200 level. BTC must surpass $30,500 to attempt a fresh increase in the near term.<\/em><\/p>\n

Bitcoin is showing bearish signs and trading well below the $30,500 zone.
\nThe price is trading below $30,300 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $30,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it stays below the $30,500 resistance.<\/p>\n

Bitcoin Price Extends Decline<\/h2>\n

Bitcoin price attempted a fresh increase above the $30,250 level<\/a> but failed to gain bullish momentum. BTC stayed below the key $30,500 resistance zone.<\/p>\n

A high was formed near $30,447 before the price dropped below $30,000. It traded to a new weekly low at $29,669 and is currently correcting losses. It broke the 50% Fib retracement level of the recent decline from the $30,447 swing high to the $29,669 low.<\/p>\n

The price was able to climb above the $30,000 level. Bitcoin price is now trading below $30,300 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $30,200 level.<\/p>\n

There is also a key bearish trend line forming with resistance near $30,200 on the hourly chart of the BTC\/USD pair. The trend line is near the 61.8% Fib retracement level of the recent decline from the $30,447 swing high to the $29,669 low.<\/p>\n

The first major resistance is near $30,265. The main resistance is now forming near the $30,450 and $30,500 levels. A close above the $30,500 level might start a fresh increase.<\/p>\n\n

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

The next major resistance is near the $30,850 level. Any more gains could open the doors for a move toward the $31,500 resistance zone.<\/p>\n

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

If Bitcoin fails to clear the $30,500 resistance, it could continue to move down. Immediate support on the downside is near the $29,850 level.<\/p>\n

The next major support is near the $29,550 level, below which there could be a drop toward the $29,200 support zone. Any more losses might send the price toward the $28,750 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n

Major Support Levels \u2013 $29,850, followed by $29,200.<\/p>\n

Major Resistance Levels \u2013 $30,200, $30,265, and $30,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is again moving lower toward the $29,200 level. BTC must surpass $30,500 to attempt a fresh increase in the near term.<\/em><\/p>\n

Bitcoin is showing bearish signs and trading well below the $30,500 zone.
\nThe price is trading below $30,300 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $30,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it stays below the $30,500 resistance.<\/p>\n

Bitcoin Price Extends Decline<\/h2>\n

Bitcoin price attempted a fresh increase above the $30,250 level<\/a> but failed to gain bullish momentum. BTC stayed below the key $30,500 resistance zone.<\/p>\n

A high was formed near $30,447 before the price dropped below $30,000. It traded to a new weekly low at $29,669 and is currently correcting losses. It broke the 50% Fib retracement level of the recent decline from the $30,447 swing high to the $29,669 low.<\/p>\n

The price was able to climb above the $30,000 level. Bitcoin price is now trading below $30,300 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $30,200 level.<\/p>\n

There is also a key bearish trend line forming with resistance near $30,200 on the hourly chart of the BTC\/USD pair. The trend line is near the 61.8% Fib retracement level of the recent decline from the $30,447 swing high to the $29,669 low.<\/p>\n

The first major resistance is near $30,265. The main resistance is now forming near the $30,450 and $30,500 levels. A close above the $30,500 level might start a fresh increase.<\/p>\n

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

The next major resistance is near the $30,850 level. Any more gains could open the doors for a move toward the $31,500 resistance zone.<\/p>\n

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

If Bitcoin fails to clear the $30,500 resistance, it could continue to move down. Immediate support on the downside is near the $29,850 level.<\/p>\n

The next major support is near the $29,550 level, below which there could be a drop toward the $29,200 support zone. Any more losses might send the price toward the $28,750 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n

Major Support Levels \u2013 $29,850, followed by $29,200.<\/p>\n

Major Resistance Levels \u2013 $30,200, $30,265, and $30,500.<\/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-26928","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\/26928","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=26928"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/26928\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=26928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=26928"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=26928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}