{"id":28153,"date":"2023-08-14T04:52:38","date_gmt":"2023-08-14T08:52:38","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28153"},"modified":"2023-08-14T04:52:38","modified_gmt":"2023-08-14T08:52:38","slug":"bitcoin-price-grinds-lower-and-turns-vulnerable-if-it-struggles-below-30k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/14\/bitcoin-price-grinds-lower-and-turns-vulnerable-if-it-struggles-below-30k\/","title":{"rendered":"Bitcoin Price Grinds Lower and Turns Vulnerable If It Struggles Below $30K"},"content":{"rendered":"

Bitcoin price is moving lower from the $29,500 zone. BTC is showing bearish signs and might decline further below the $29,000 support zone.<\/em><\/p>\n

Bitcoin is gaining bearish momentum below the $29,500 support.
\nThe price is trading below $29,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $29,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it remains below $30,000 for a long time.<\/p>\n

Bitcoin Price Trims Gains<\/h2>\n

Bitcoin price failed to settle above the $30,000 resistance zone<\/a>. BTC started yet another decline below the $29,650 and $29,500 levels to move into a bearish zone.<\/p>\n

It tested the $29,100 support zone. A low is formed near $29,100 and the price is now consolidating losses. There was a minor upside correction above the $29,250 resistance zone. It cleared the 23.6% Fib retracement level of the downward move from the $29,694 swing high to the $29,100 low.<\/p>\n

Bitcoin is now trading below $29,500 and the 100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance near $29,400 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $29,360 level. The next major resistance is near the trend line and $29,400. It is close to the 50% Fib retracement level of the downward move from the $29,694 swing high to the $29,100 low. A close above the trend line could start a decent increase toward $29,650.<\/p>\n\n

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

The main resistance is still near the $30,000 level. A close above $30,000 could start a steady increase. In the stated case, the price could rise toward $30,500 or even $31,200 in the coming days.<\/p>\n

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

If Bitcoin fails to clear the $29,400 resistance, it could continue to move down. Immediate support on the downside is near the $29,200 level.<\/p>\n

The next major support is near the $29,000 level or the recent low. A downside break below the $29,000 level might start another steady decline. In the stated case, the price could revisit $28,800. Any more losses might call for a move toward the $28,500 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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $29,200, followed by $29,000.<\/p>\n

Major Resistance Levels \u2013 $29,400, $29,650, and $30,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is moving lower from the $29,500 zone. BTC is showing bearish signs and might decline further below the $29,000 support zone.<\/em><\/p>\n

Bitcoin is gaining bearish momentum below the $29,500 support.
\nThe price is trading below $29,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $29,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it remains below $30,000 for a long time.<\/p>\n

Bitcoin Price Trims Gains<\/h2>\n

Bitcoin price failed to settle above the $30,000 resistance zone<\/a>. BTC started yet another decline below the $29,650 and $29,500 levels to move into a bearish zone.<\/p>\n

It tested the $29,100 support zone. A low is formed near $29,100 and the price is now consolidating losses. There was a minor upside correction above the $29,250 resistance zone. It cleared the 23.6% Fib retracement level of the downward move from the $29,694 swing high to the $29,100 low.<\/p>\n

Bitcoin is now trading below $29,500 and the 100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance near $29,400 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $29,360 level. The next major resistance is near the trend line and $29,400. It is close to the 50% Fib retracement level of the downward move from the $29,694 swing high to the $29,100 low. A close above the trend line could start a decent increase toward $29,650.<\/p>\n

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

The main resistance is still near the $30,000 level. A close above $30,000 could start a steady increase. In the stated case, the price could rise toward $30,500 or even $31,200 in the coming days.<\/p>\n

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

If Bitcoin fails to clear the $29,400 resistance, it could continue to move down. Immediate support on the downside is near the $29,200 level.<\/p>\n

The next major support is near the $29,000 level or the recent low. A downside break below the $29,000 level might start another steady decline. In the stated case, the price could revisit $28,800. Any more losses might call for a move toward the $28,500 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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $29,200, followed by $29,000.<\/p>\n

Major Resistance Levels \u2013 $29,400, $29,650, 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-28153","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\/28153","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=28153"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28153\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28153"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}