{"id":27228,"date":"2023-07-25T03:52:40","date_gmt":"2023-07-25T07:52:40","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=27228"},"modified":"2023-07-25T03:52:40","modified_gmt":"2023-07-25T07:52:40","slug":"bitcoin-price-hits-next-bearish-target-but-bears-are-not-done-yet","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/25\/bitcoin-price-hits-next-bearish-target-but-bears-are-not-done-yet\/","title":{"rendered":"Bitcoin Price Hits Next Bearish Target But Bears Are Not Done Yet"},"content":{"rendered":"

Bitcoin price extended its decline and traded below $29,000. BTC is still at risk of more downsides toward the $28,200 support zone in the near term.<\/em><\/p>\n

Bitcoin is gaining bearish momentum below the $29,200 level.
\nThe price is trading below $29,500 and the 100 hourly Simple moving average.
\nThere was a break below a major bullish trend line with support near $29,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its decline toward the $28,200 support zone.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price settled below the $30,000 support zone<\/a> to move into a bearish zone. BTC even broke the key $29,650 support zone to start a fresh decline.<\/p>\n

Besides, there was a break below a major bullish trend line with support near $29,700 on the hourly chart of the BTC\/USD pair. The pair tested the $28,880 level. A new weekly low is formed near $28,880 and the price is now consolidating losses.<\/p>\n

Bitcoin is trading below $29,500 and the 100 hourly Simple moving average. Immediate resistance is near the $29,250 level. It is close to the 23.6% Fib retracement level of the recent decline from the $30,333 swing high to the $28,880 low.<\/p>\n

The first major resistance is near the $29,750 level and the 100 hourly Simple moving average<\/a>. It is near the 61.8% Fib retracement level of the recent decline from the $30,333 swing high to the $28,880 low.<\/p>\n\n

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

The next major resistance is near the $30,000 level. A close above the $30,000 level might start a fresh increase. In the stated case, the price could rise toward the $30,400 resistance. Any more gains could open the doors for a move toward the $30,850 resistance zone.<\/p>\n

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

If Bitcoin fails to clear the $29,250 resistance, it could continue to move down. Immediate support on the downside is near the $28,880 level.<\/p>\n

The next major support is near the $28,500 level, below which the price could struggle to recover. The next support is near the $28,200 level. Any more losses might call for a move toward the $27,500 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 $28,880, followed by $28,200.<\/p>\n

Major Resistance Levels \u2013 $29,250, $29,750, and $30,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price extended its decline and traded below $29,000. BTC is still at risk of more downsides toward the $28,200 support zone in the near term.<\/em><\/p>\n

Bitcoin is gaining bearish momentum below the $29,200 level.
\nThe price is trading below $29,500 and the 100 hourly Simple moving average.
\nThere was a break below a major bullish trend line with support near $29,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its decline toward the $28,200 support zone.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price settled below the $30,000 support zone<\/a> to move into a bearish zone. BTC even broke the key $29,650 support zone to start a fresh decline.<\/p>\n

Besides, there was a break below a major bullish trend line with support near $29,700 on the hourly chart of the BTC\/USD pair. The pair tested the $28,880 level. A new weekly low is formed near $28,880 and the price is now consolidating losses.<\/p>\n

Bitcoin is trading below $29,500 and the 100 hourly Simple moving average. Immediate resistance is near the $29,250 level. It is close to the 23.6% Fib retracement level of the recent decline from the $30,333 swing high to the $28,880 low.<\/p>\n

The first major resistance is near the $29,750 level and the 100 hourly Simple moving average<\/a>. It is near the 61.8% Fib retracement level of the recent decline from the $30,333 swing high to the $28,880 low.<\/p>\n

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

The next major resistance is near the $30,000 level. A close above the $30,000 level might start a fresh increase. In the stated case, the price could rise toward the $30,400 resistance. Any more gains could open the doors for a move toward the $30,850 resistance zone.<\/p>\n

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

If Bitcoin fails to clear the $29,250 resistance, it could continue to move down. Immediate support on the downside is near the $28,880 level.<\/p>\n

The next major support is near the $28,500 level, below which the price could struggle to recover. The next support is near the $28,200 level. Any more losses might call for a move toward the $27,500 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 $28,880, followed by $28,200.<\/p>\n

Major Resistance Levels \u2013 $29,250, $29,750, and $30,000.<\/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-27228","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\/27228","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=27228"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/27228\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=27228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=27228"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=27228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}