{"id":27290,"date":"2023-07-26T04:53:08","date_gmt":"2023-07-26T08:53:08","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=27290"},"modified":"2023-07-26T04:53:08","modified_gmt":"2023-07-26T08:53:08","slug":"bitcoin-price-could-recover-but-upsides-might-be-attractive-to-bears","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/26\/bitcoin-price-could-recover-but-upsides-might-be-attractive-to-bears\/","title":{"rendered":"Bitcoin Price Could Recover But Upsides Might Be Attractive To Bears"},"content":{"rendered":"

Bitcoin price is attempting a recovery wave above the $29,200 level. BTC must clear the $29,600 resistance to start a decent recovery wave.<\/em><\/p>\n

Bitcoin is consolidating above the $29,000 support zone.
\nThe price is trading below $29,600 and the 100 hourly Simple moving average.
\nThere is a short-term rising channel forming with support near $29,120 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could recover but upsides might be limited above the $29,600 resistance.<\/p>\n

Bitcoin Price Faces Resistance<\/h2>\n

Bitcoin price extended its decline<\/a> below the $29,200 support zone. BTC even traded below the $29,000 level. A low is formed near $28,880 and the price is now attempting a recovery wave.<\/p>\n

There was a minor increase above the $29,000 resistance level. The price spiked above the 23.6% Fib retracement level of the downward move from the $30,334 swing high to the $28,880 low. However, the bears are active near the $29,350 level.<\/p>\n

Bitcoin is now trading below $29,600 and the 100 hourly Simple moving average<\/a>. There is also a short-term rising channel forming with support near $29,120 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $29,350 level. The first major resistance is near the $29,600 level and the 100 hourly Simple moving average. It is near the 50% Fib retracement level of the downward move from the $30,334 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 $29,750 level, above which the price might rise toward the $30,000 resistance zone. 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.<\/p>\n

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

If Bitcoin fails to clear the $29,350 resistance, it could continue to move down. Immediate support on the downside is near the $29,100 level and the channel trend line.<\/p>\n

The next major support is near the $28,880 level, below which the price could drop toward $28,500. 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 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 $29,100, followed by $28,880.<\/p>\n

Major Resistance Levels \u2013 $29,350, $29,600, and $30,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is attempting a recovery wave above the $29,200 level. BTC must clear the $29,600 resistance to start a decent recovery wave.<\/em><\/p>\n

Bitcoin is consolidating above the $29,000 support zone.
\nThe price is trading below $29,600 and the 100 hourly Simple moving average.
\nThere is a short-term rising channel forming with support near $29,120 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could recover but upsides might be limited above the $29,600 resistance.<\/p>\n

Bitcoin Price Faces Resistance<\/h2>\n

Bitcoin price extended its decline<\/a> below the $29,200 support zone. BTC even traded below the $29,000 level. A low is formed near $28,880 and the price is now attempting a recovery wave.<\/p>\n

There was a minor increase above the $29,000 resistance level. The price spiked above the 23.6% Fib retracement level of the downward move from the $30,334 swing high to the $28,880 low. However, the bears are active near the $29,350 level.<\/p>\n

Bitcoin is now trading below $29,600 and the 100 hourly Simple moving average<\/a>. There is also a short-term rising channel forming with support near $29,120 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $29,350 level. The first major resistance is near the $29,600 level and the 100 hourly Simple moving average. It is near the 50% Fib retracement level of the downward move from the $30,334 swing high to the $28,880 low.<\/p>\n

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

The next major resistance is near the $29,750 level, above which the price might rise toward the $30,000 resistance zone. 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.<\/p>\n

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

If Bitcoin fails to clear the $29,350 resistance, it could continue to move down. Immediate support on the downside is near the $29,100 level and the channel trend line.<\/p>\n

The next major support is near the $28,880 level, below which the price could drop toward $28,500. 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 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 $29,100, followed by $28,880.<\/p>\n

Major Resistance Levels \u2013 $29,350, $29,600, 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-27290","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\/27290","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=27290"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/27290\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=27290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=27290"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=27290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}