{"id":27034,"date":"2023-07-20T03:53:34","date_gmt":"2023-07-20T07:53:34","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=27034"},"modified":"2023-07-20T03:53:34","modified_gmt":"2023-07-20T07:53:34","slug":"bitcoin-price-could-restart-increase-as-the-bears-lose-steam","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/20\/bitcoin-price-could-restart-increase-as-the-bears-lose-steam\/","title":{"rendered":"Bitcoin Price Could Restart Increase As The Bears Lose Steam"},"content":{"rendered":"

Bitcoin price is consolidating above $29,500. BTC could start a decent increase if it clears the $30,200 resistance zone in the near term.<\/em><\/p>\n

Bitcoin is struggling to gain bullish momentum from the $29,500 level.
\nThe price is trading below $30,100 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $30,020 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a steady increase if there is a close above the $30,200 resistance.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price remained well-bid above the $29,500 level<\/a>. BTC formed a support base and recently corrected a few points higher. There was a minor increase above the$29,850 resistance zone.<\/p>\n

The price climbed above the 50% Fib retracement level of the key drop from the $30,447 swing high to the $29,500 low. However, the bears are still active near the $30,050 level. There is also a key bearish trend line forming with resistance near $30,020 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading below $30,100 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the trend line zone. The first major resistance is near the $30,085 level. It is close to the 61.8% Fib retracement level of the key drop from the $30,447 swing high to the $29,500 low.<\/p>\n\n

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

The next major resistance is near $30,450. A close above the $30,450 level might start a fresh increase. In the stated case, the price could rise toward the $30,850 level. Any more gains could open the doors for a move toward the $31,200 resistance zone.<\/p>\n

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

If Bitcoin fails to clear the $30,085 resistance, it could continue to move down. Immediate support on the downside is near the $29,800 level.<\/p>\n

The next major support is near the $29,500 level, below which the price could continue to move down. In the stated case, the price could drop toward the $29,200 support zone. Any more losses might send the price toward the $28,400 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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $29,650, followed by $29,500.<\/p>\n

Major Resistance Levels \u2013 $30,085, $30,450, and $31,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is consolidating above $29,500. BTC could start a decent increase if it clears the $30,200 resistance zone in the near term.<\/em><\/p>\n

Bitcoin is struggling to gain bullish momentum from the $29,500 level.
\nThe price is trading below $30,100 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $30,020 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a steady increase if there is a close above the $30,200 resistance.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price remained well-bid above the $29,500 level<\/a>. BTC formed a support base and recently corrected a few points higher. There was a minor increase above the$29,850 resistance zone.<\/p>\n

The price climbed above the 50% Fib retracement level of the key drop from the $30,447 swing high to the $29,500 low. However, the bears are still active near the $30,050 level. There is also a key bearish trend line forming with resistance near $30,020 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading below $30,100 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the trend line zone. The first major resistance is near the $30,085 level. It is close to the 61.8% Fib retracement level of the key drop from the $30,447 swing high to the $29,500 low.<\/p>\n

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

The next major resistance is near $30,450. A close above the $30,450 level might start a fresh increase. In the stated case, the price could rise toward the $30,850 level. Any more gains could open the doors for a move toward the $31,200 resistance zone.<\/p>\n

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

If Bitcoin fails to clear the $30,085 resistance, it could continue to move down. Immediate support on the downside is near the $29,800 level.<\/p>\n

The next major support is near the $29,500 level, below which the price could continue to move down. In the stated case, the price could drop toward the $29,200 support zone. Any more losses might send the price toward the $28,400 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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $29,650, followed by $29,500.<\/p>\n

Major Resistance Levels \u2013 $30,085, $30,450, and $31,200.<\/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-27034","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\/27034","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=27034"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/27034\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=27034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=27034"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=27034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}