{"id":27964,"date":"2023-08-09T11:52:40","date_gmt":"2023-08-09T15:52:40","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=27964"},"modified":"2023-08-09T11:52:40","modified_gmt":"2023-08-09T15:52:40","slug":"bitcoin-price-losses-steam-above-30k-but-the-bulls-are-not-done-yet","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/09\/bitcoin-price-losses-steam-above-30k-but-the-bulls-are-not-done-yet\/","title":{"rendered":"Bitcoin Price Losses Steam Above $30K But The Bulls Are Not Done Yet"},"content":{"rendered":"

Bitcoin price climbed above the $29,500 resistance. BTC spiked above $30,000 and is currently consolidating gains above a connecting trend line.<\/em><\/p>\n

Bitcoin is showing positive signs above the $29,500 pivot level.
\nThe price is trading above $29,550 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could attempt another increase above the $30,000 resistance zone.<\/p>\n

Bitcoin Price Attempts Upside Break<\/h2>\n

Bitcoin price remained well-bid above the $28,800 support zone<\/a>. BTC formed a support base and recently started a steady increase. There was a clear move above the key $29,500 resistance zone.<\/p>\n

The bulls even pumped the price above the $30,000 resistance zone. However, the bulls failed to keep the price above $30,000. A high was formed near $30,190 and the price started a downside correction. There was a move below the $30,000 level.<\/p>\n

Bitcoin dipped below the 23.6% Fib retracement level of the upward move from the $28,629 swing low to the $30,190 high. It is now trading above $29,550 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC\/USD pair.<\/p>\n\n

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

Immediate resistance is near the $30,000 zone. The first major resistance is near the $30,200 level. The next major resistance is near the $30,400 level. A close above the $30,400 resistance might start another steady increase. In the stated case, the price could test $31,200. Any more gains might open the doors for a move toward $32,000.<\/p>\n

Are Dips Limited In BTC?<\/h2>\n

If Bitcoin fails to clear the $30,000 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,800 level and the trend line.<\/p>\n

The next major support is near the $29,400 level or the 50% Fib retracement level of the upward move from the $28,629 swing low to the $30,190 high, below which the price could take a hit. The next support is near the $29,200 level. Any more losses might call for a move toward the $29,000 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 $29,800, followed by $29,400.<\/p>\n

Major Resistance Levels \u2013 $30,000, $30,200, and $30,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price climbed above the $29,500 resistance. BTC spiked above $30,000 and is currently consolidating gains above a connecting trend line.<\/em><\/p>\n

Bitcoin is showing positive signs above the $29,500 pivot level.
\nThe price is trading above $29,550 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could attempt another increase above the $30,000 resistance zone.<\/p>\n

Bitcoin Price Attempts Upside Break<\/h2>\n

Bitcoin price remained well-bid above the $28,800 support zone<\/a>. BTC formed a support base and recently started a steady increase. There was a clear move above the key $29,500 resistance zone.<\/p>\n

The bulls even pumped the price above the $30,000 resistance zone. However, the bulls failed to keep the price above $30,000. A high was formed near $30,190 and the price started a downside correction. There was a move below the $30,000 level.<\/p>\n

Bitcoin dipped below the 23.6% Fib retracement level of the upward move from the $28,629 swing low to the $30,190 high. It is now trading above $29,550 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

Immediate resistance is near the $30,000 zone. The first major resistance is near the $30,200 level. The next major resistance is near the $30,400 level. A close above the $30,400 resistance might start another steady increase. In the stated case, the price could test $31,200. Any more gains might open the doors for a move toward $32,000.<\/p>\n

Are Dips Limited In BTC?<\/h2>\n

If Bitcoin fails to clear the $30,000 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,800 level and the trend line.<\/p>\n

The next major support is near the $29,400 level or the 50% Fib retracement level of the upward move from the $28,629 swing low to the $30,190 high, below which the price could take a hit. The next support is near the $29,200 level. Any more losses might call for a move toward the $29,000 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 $29,800, followed by $29,400.<\/p>\n

Major Resistance Levels \u2013 $30,000, $30,200, and $30,500.<\/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-27964","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\/27964","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=27964"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/27964\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=27964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=27964"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=27964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}