{"id":27839,"date":"2023-08-07T08:52:52","date_gmt":"2023-08-07T12:52:52","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=27839"},"modified":"2023-08-07T08:52:52","modified_gmt":"2023-08-07T12:52:52","slug":"bitcoin-price-relatively-muted-risk-of-more-downsides-still-exist","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/07\/bitcoin-price-relatively-muted-risk-of-more-downsides-still-exist\/","title":{"rendered":"Bitcoin Price Relatively Muted, Risk of More Downsides Still Exist"},"content":{"rendered":"

Bitcoin price is struggling to climb above $29,500. BTC remains at risk of more downsides if there is a close below the $28,800 support.<\/em><\/p>\n

Bitcoin is still struggling to gain pace above the $29,500 pivot level.
\nThe price is trading below $29,200 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $29,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could attempt a fresh increase toward the $29,500 resistance zone.<\/p>\n

Bitcoin Price Stuck In Tiny Range<\/h2>\n

Bitcoin price struggled to clear the $29,500 resistance zone<\/a>. BTC started a fresh decline within the range and traded below the $29,250 level.<\/p>\n

There was a close below $29,250 and the 100 hourly Simple moving average. However, the bulls protected the range support at $28,800. The price traded as low as $28,800 and recently started a short-term upside correction.<\/p>\n

There was a move above the 23.6% Fib retracement level of the downward move from the $29,395 swing high to the $28,800 low. However, the bears were active near the $29,200 resistance zone. There is also a key bearish trend line forming with resistance near $29,100 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is trading below $29,200 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $29,100 zone, the trend line, and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the downward move from the $29,395 swing high to the $28,800 low.<\/p>\n\n

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

The first major resistance is near the $29,400 level. The next major resistance is near the $29,500 level, above which the price might rise toward the $29,750 resistance zone. A close above the $29,750 resistance zone could start a decent increase. In the stated case, the price may even surpass the $30,000 resistance.<\/p>\n

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

If Bitcoin fails to clear the $29,100 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,000 level.<\/p>\n

The next major support is near the $28,800 level, below which the price could accelerate lower. The next support is near the $28,400 level. Any more losses might call for a move toward the $28,000 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 $29,000, followed by $28,800.<\/p>\n

Major Resistance Levels \u2013 $29,100, $29,400, and $29,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is struggling to climb above $29,500. BTC remains at risk of more downsides if there is a close below the $28,800 support.<\/em><\/p>\n

Bitcoin is still struggling to gain pace above the $29,500 pivot level.
\nThe price is trading below $29,200 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $29,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could attempt a fresh increase toward the $29,500 resistance zone.<\/p>\n

Bitcoin Price Stuck In Tiny Range<\/h2>\n

Bitcoin price struggled to clear the $29,500 resistance zone<\/a>. BTC started a fresh decline within the range and traded below the $29,250 level.<\/p>\n

There was a close below $29,250 and the 100 hourly Simple moving average. However, the bulls protected the range support at $28,800. The price traded as low as $28,800 and recently started a short-term upside correction.<\/p>\n

There was a move above the 23.6% Fib retracement level of the downward move from the $29,395 swing high to the $28,800 low. However, the bears were active near the $29,200 resistance zone. There is also a key bearish trend line forming with resistance near $29,100 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is trading below $29,200 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $29,100 zone, the trend line, and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the downward move from the $29,395 swing high to the $28,800 low.<\/p>\n

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

The first major resistance is near the $29,400 level. The next major resistance is near the $29,500 level, above which the price might rise toward the $29,750 resistance zone. A close above the $29,750 resistance zone could start a decent increase. In the stated case, the price may even surpass the $30,000 resistance.<\/p>\n

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

If Bitcoin fails to clear the $29,100 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,000 level.<\/p>\n

The next major support is near the $28,800 level, below which the price could accelerate lower. The next support is near the $28,400 level. Any more losses might call for a move toward the $28,000 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 $29,000, followed by $28,800.<\/p>\n

Major Resistance Levels \u2013 $29,100, $29,400, and $29,500.<\/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-27839","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\/27839","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=27839"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/27839\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=27839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=27839"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=27839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}