{"id":28213,"date":"2023-08-15T04:55:22","date_gmt":"2023-08-15T08:55:22","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=28213"},"modified":"2023-08-15T04:55:22","modified_gmt":"2023-08-15T08:55:22","slug":"bitcoin-price-relatively-muted-what-could-trigger-a-sharp-decline","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/15\/bitcoin-price-relatively-muted-what-could-trigger-a-sharp-decline\/","title":{"rendered":"Bitcoin Price Relatively Muted \u2013 What Could Trigger A Sharp Decline?"},"content":{"rendered":"

Bitcoin price is still struggling below the $29,650 zone. BTC could gain bearish momentum if there is a close below the $29,100 support.<\/em><\/p>\n

Bitcoin is showing a few bearish signs below the $29,650 zone.
\nThe price is trading below $29,400 and the 100 hourly Simple moving average.
\nThere is a short-term bullish trend line forming with support near $29,320 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it breaks the $29,250 and $29,100 support levels.<\/p>\n

Bitcoin Price Stuck Below $30K<\/h2>\n

Bitcoin price remained well below the $30,000 resistance zone<\/a>. BTC attempted a short-term upward move but the bears were active near the $29,650 resistance zone.<\/p>\n

A high was formed near $29,657 before there was a fresh decline to $29,250. The price is now consolidating and trading above the 23.6% Fib retracement level of the recent decline from the $29,657 swing high to the $29,250 low.<\/p>\n

Bitcoin is now trading below $29,400 and the 100 hourly Simple moving average<\/a>. There is also a short-term bullish trend line forming with support near $29,320 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $29,450 level. It is close to the 50% Fib retracement level of the recent decline from the $29,657 swing high to the $29,250 low. The next major resistance is near $29,500. The main resistance is now forming near the $29,650 level.<\/p>\n\n

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

A close above the $29,650 resistance could send the price toward the $30,000 resistance zone. Any more gains might change the trend and the price might rise toward $30,500. In the stated case, the price could even rise toward $31,200 or even $32,200 in the coming days.<\/p>\n

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

If Bitcoin fails to clear the $29,650 resistance, it could continue to move down. Immediate support on the downside is near the trend line.<\/p>\n

The next major support is near the $29,250 level. The first key support is near $29,100. A downside break below the $29,100 level might start another steady decline. In the stated case, the price could drop toward $28,400.<\/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 $29,250, followed by $29,100.<\/p>\n

Major Resistance Levels \u2013 $29,450, $29,650, and $30,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is still struggling below the $29,650 zone. BTC could gain bearish momentum if there is a close below the $29,100 support.<\/em><\/p>\n

Bitcoin is showing a few bearish signs below the $29,650 zone.
\nThe price is trading below $29,400 and the 100 hourly Simple moving average.
\nThere is a short-term bullish trend line forming with support near $29,320 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it breaks the $29,250 and $29,100 support levels.<\/p>\n

Bitcoin Price Stuck Below $30K<\/h2>\n

Bitcoin price remained well below the $30,000 resistance zone<\/a>. BTC attempted a short-term upward move but the bears were active near the $29,650 resistance zone.<\/p>\n

A high was formed near $29,657 before there was a fresh decline to $29,250. The price is now consolidating and trading above the 23.6% Fib retracement level of the recent decline from the $29,657 swing high to the $29,250 low.<\/p>\n

Bitcoin is now trading below $29,400 and the 100 hourly Simple moving average<\/a>. There is also a short-term bullish trend line forming with support near $29,320 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $29,450 level. It is close to the 50% Fib retracement level of the recent decline from the $29,657 swing high to the $29,250 low. The next major resistance is near $29,500. The main resistance is now forming near the $29,650 level.<\/p>\n

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

A close above the $29,650 resistance could send the price toward the $30,000 resistance zone. Any more gains might change the trend and the price might rise toward $30,500. In the stated case, the price could even rise toward $31,200 or even $32,200 in the coming days.<\/p>\n

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

If Bitcoin fails to clear the $29,650 resistance, it could continue to move down. Immediate support on the downside is near the trend line.<\/p>\n

The next major support is near the $29,250 level. The first key support is near $29,100. A downside break below the $29,100 level might start another steady decline. In the stated case, the price could drop toward $28,400.<\/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 $29,250, followed by $29,100.<\/p>\n

Major Resistance Levels \u2013 $29,450, $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-28213","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\/28213","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=28213"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28213\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28213"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}