{"id":27168,"date":"2023-07-24T03:54:27","date_gmt":"2023-07-24T07:54:27","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=27168"},"modified":"2023-07-24T03:54:27","modified_gmt":"2023-07-24T07:54:27","slug":"bitcoin-price-plunges-after-rejection-heres-why-bears-aim-fresh-lows","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/24\/bitcoin-price-plunges-after-rejection-heres-why-bears-aim-fresh-lows\/","title":{"rendered":"Bitcoin Price Plunges After Rejection, Here\u2019s Why Bears Aim Fresh Lows"},"content":{"rendered":"

Bitcoin price is moving lower from the $30,350 level. BTC is showing bearish signs and might decline further toward the $29,650 and $29,500 support levels.<\/em><\/p>\n

Bitcoin is moving lower below the $30,000 pivot level.
\nThe price is trading below $30,000 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $29,720 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its decline below the $29,500 support zone.<\/p>\n

Bitcoin Price Turns Red Again<\/h2>\n

Bitcoin price attempted a fresh increase above the $30,400 resistance zone<\/a>. However, BTC struggled to settle clear the $30,350 level and started a fresh decline.<\/p>\n

There was a bearish reaction below the $30,000 support zone and the 100 hourly Simple moving average. The price declined below the 61.8% Fib retracement level of the upward move from the $29,650 swing low to the $30,333 high.<\/p>\n

Bitcoin is trading below $30,000 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $29,720 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $30,000 level and the 100 hourly Simple moving average. The first major resistance is near the $30,150 level. The next major resistance is near the $30,350 and $30,400 levels. A close above the $30,400 level might start a fresh increase.<\/p>\n\n

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

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

Fresh Low in BTC?<\/h2>\n

If Bitcoin fails to clear the $30,000 resistance, it could continue to move down. Immediate support on the downside is near the $29,720 level and the trend line.<\/p>\n

The next major support is near the $29,650 level, below which the price could revisit the key support at $29,500. If BTC fails to stay above the $29,500 support, the bears could aim for a fresh low below $29,200. The next support is near the $28,650 level. Any more losses might call for a move toward the $28,200 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 below the 50 level.<\/p>\n

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

Major Resistance Levels \u2013 $30,000, $30,150, and $31,400.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is moving lower from the $30,350 level. BTC is showing bearish signs and might decline further toward the $29,650 and $29,500 support levels.<\/em><\/p>\n

Bitcoin is moving lower below the $30,000 pivot level.
\nThe price is trading below $30,000 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $29,720 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its decline below the $29,500 support zone.<\/p>\n

Bitcoin Price Turns Red Again<\/h2>\n

Bitcoin price attempted a fresh increase above the $30,400 resistance zone<\/a>. However, BTC struggled to settle clear the $30,350 level and started a fresh decline.<\/p>\n

There was a bearish reaction below the $30,000 support zone and the 100 hourly Simple moving average. The price declined below the 61.8% Fib retracement level of the upward move from the $29,650 swing low to the $30,333 high.<\/p>\n

Bitcoin is trading below $30,000 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $29,720 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $30,000 level and the 100 hourly Simple moving average. The first major resistance is near the $30,150 level. The next major resistance is near the $30,350 and $30,400 levels. A close above the $30,400 level might start a fresh increase.<\/p>\n

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

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

Fresh Low in BTC?<\/h2>\n

If Bitcoin fails to clear the $30,000 resistance, it could continue to move down. Immediate support on the downside is near the $29,720 level and the trend line.<\/p>\n

The next major support is near the $29,650 level, below which the price could revisit the key support at $29,500. If BTC fails to stay above the $29,500 support, the bears could aim for a fresh low below $29,200. The next support is near the $28,650 level. Any more losses might call for a move toward the $28,200 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 below the 50 level.<\/p>\n

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

Major Resistance Levels \u2013 $30,000, $30,150, 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-27168","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\/27168","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=27168"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/27168\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=27168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=27168"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=27168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}