{"id":27894,"date":"2023-08-08T06:52:41","date_gmt":"2023-08-08T10:52:41","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=27894"},"modified":"2023-08-08T06:52:41","modified_gmt":"2023-08-08T10:52:41","slug":"bitcoin-price-could-stage-steady-increase-if-it-clears-this-hurdle","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/08\/bitcoin-price-could-stage-steady-increase-if-it-clears-this-hurdle\/","title":{"rendered":"Bitcoin Price Could Stage Steady Increase If It Clears This Hurdle"},"content":{"rendered":"

Bitcoin price is still facing strong resistance near $29,500. BTC is slowly moving higher and might start a steady increase above $29,500.<\/em><\/p>\n

Bitcoin is moving higher toward the $29,500 pivot level.
\nThe price is trading above $29,000 and the 100 hourly Simple moving average.
\nThere was a break above a key bearish trend line with resistance near $29,080 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 $29,500 resistance zone.<\/p>\n

Bitcoin Price Eyes Fresh Increase<\/h2>\n

Bitcoin price extended its decline below the $28,800 support zone<\/a>. However, the downsides were limited below the $28,600 level. A low is formed near $28,628 and the price is now attempting a fresh increase.<\/p>\n

There was a move above the $28,900 and $29,000 levels. Besides, there was a break above a key bearish trend line with resistance near $29,080 on the hourly chart of the BTC\/USD pair. The pair is now trading above $29,000 and the 100 hourly Simple moving average<\/a>.<\/p>\n

A high is formed near $29,280 and the price is now consolidating gains. Bitcoin is trading above the 23.6% Fib retracement level of the upward move from the $28,628 swing low to the $29,280 high.<\/p>\n\n

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

Immediate resistance is near the $29,300 zone. The first major resistance is near the $29,400 level. The next major resistance is near the $29,500 level. A close above the $29,500 resistance might start a steady increase. In the stated case, the price could test $30,000. Any more gains might open the doors for a move toward $31,200.<\/p>\n

Fresh Decline In BTC?<\/h2>\n

If Bitcoin fails to clear the $29,400 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,100 level the 100 hourly Simple moving average.<\/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 bullish 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 $28,800.<\/p>\n

Major Resistance Levels \u2013 $29,300, $29,400, and $29,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is still facing strong resistance near $29,500. BTC is slowly moving higher and might start a steady increase above $29,500.<\/em><\/p>\n

Bitcoin is moving higher toward the $29,500 pivot level.
\nThe price is trading above $29,000 and the 100 hourly Simple moving average.
\nThere was a break above a key bearish trend line with resistance near $29,080 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 $29,500 resistance zone.<\/p>\n

Bitcoin Price Eyes Fresh Increase<\/h2>\n

Bitcoin price extended its decline below the $28,800 support zone<\/a>. However, the downsides were limited below the $28,600 level. A low is formed near $28,628 and the price is now attempting a fresh increase.<\/p>\n

There was a move above the $28,900 and $29,000 levels. Besides, there was a break above a key bearish trend line with resistance near $29,080 on the hourly chart of the BTC\/USD pair. The pair is now trading above $29,000 and the 100 hourly Simple moving average<\/a>.<\/p>\n

A high is formed near $29,280 and the price is now consolidating gains. Bitcoin is trading above the 23.6% Fib retracement level of the upward move from the $28,628 swing low to the $29,280 high.<\/p>\n

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

Immediate resistance is near the $29,300 zone. The first major resistance is near the $29,400 level. The next major resistance is near the $29,500 level. A close above the $29,500 resistance might start a steady increase. In the stated case, the price could test $30,000. Any more gains might open the doors for a move toward $31,200.<\/p>\n

Fresh Decline In BTC?<\/h2>\n

If Bitcoin fails to clear the $29,400 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,100 level the 100 hourly Simple moving average.<\/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 bullish 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 $28,800.<\/p>\n

Major Resistance Levels \u2013 $29,300, $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-27894","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\/27894","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=27894"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/27894\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=27894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=27894"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=27894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}