{"id":28475,"date":"2023-08-21T03:52:55","date_gmt":"2023-08-21T07:52:55","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28475"},"modified":"2023-08-21T03:52:55","modified_gmt":"2023-08-21T07:52:55","slug":"bitcoin-price-consolidates-losses-and-at-risk-of-fresh-decline-to-25k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/21\/bitcoin-price-consolidates-losses-and-at-risk-of-fresh-decline-to-25k\/","title":{"rendered":"Bitcoin Price Consolidates Losses and At Risk of Fresh Decline To $25K"},"content":{"rendered":"

Bitcoin price is consolidating losses below the $26,500 level. BTC is showing bearish signs and remains at risk of a fresh decline toward $25,000.<\/em><\/p>\n

Bitcoin is struggling to recover above the $26,600 resistance zone.
\nThe price is trading below $26,500 and the 100 hourly Simple moving average.
\nThere is a short-term bullish trend line forming with support near $26,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down and trade below the $26,000 support.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price started a recovery wave from the $24,800 support zone<\/a>. BTC managed to recover above the $25,000 and $25,500 resistance levels.<\/p>\n

There was a move above the 23.6% Fib retracement level of the downward move from the $29,180 swing high to the $24,800 low. However, the price is facing a lot of hurdles on the upside near $26,600. It is still trading below $26,500 and the 100 hourly Simple moving average.<\/p>\n

Besides, there is a short-term bullish trend line forming with support near $26,050 on the hourly chart of the BTC\/USD pair. If Bitcoin stays above the trend line, it could attempt a recovery wave.<\/p>\n

Immediate resistance is near the $26,400 level. The next major resistance is near $26,500 and the 100 hourly Simple moving average<\/a>. A clear move above the 100 hourly Simple moving average could start a recovery wave toward the $27,000 resistance.<\/p>\n\n

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

The 50% Fib retracement level of the downward move from the $29,180 swing high to the $24,800 low is near $27,000 to act as a resistance. A close above the $27,000 resistance could start a decent increase toward the $27,500 resistance zone. Any more gains might set the pace for a larger increase toward $28,150.<\/p>\n

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

If Bitcoin fails to clear the $26,500 resistance, it could continue to move down. Immediate support on the downside is near the $26,000 zone and the trend line.<\/p>\n

The next major support is near the $25,600 level. A downside break below the $25,600 level might push the price further into a bearish zone. In the stated case, the price could drop toward $25,000.<\/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 $26,000, followed by $25,600.<\/p>\n

Major Resistance Levels \u2013 $26,500, $27,000, and $27,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is consolidating losses below the $26,500 level. BTC is showing bearish signs and remains at risk of a fresh decline toward $25,000.<\/em><\/p>\n

Bitcoin is struggling to recover above the $26,600 resistance zone.
\nThe price is trading below $26,500 and the 100 hourly Simple moving average.
\nThere is a short-term bullish trend line forming with support near $26,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down and trade below the $26,000 support.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price started a recovery wave from the $24,800 support zone<\/a>. BTC managed to recover above the $25,000 and $25,500 resistance levels.<\/p>\n

There was a move above the 23.6% Fib retracement level of the downward move from the $29,180 swing high to the $24,800 low. However, the price is facing a lot of hurdles on the upside near $26,600. It is still trading below $26,500 and the 100 hourly Simple moving average.<\/p>\n

Besides, there is a short-term bullish trend line forming with support near $26,050 on the hourly chart of the BTC\/USD pair. If Bitcoin stays above the trend line, it could attempt a recovery wave.<\/p>\n

Immediate resistance is near the $26,400 level. The next major resistance is near $26,500 and the 100 hourly Simple moving average<\/a>. A clear move above the 100 hourly Simple moving average could start a recovery wave toward the $27,000 resistance.<\/p>\n

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

The 50% Fib retracement level of the downward move from the $29,180 swing high to the $24,800 low is near $27,000 to act as a resistance. A close above the $27,000 resistance could start a decent increase toward the $27,500 resistance zone. Any more gains might set the pace for a larger increase toward $28,150.<\/p>\n

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

If Bitcoin fails to clear the $26,500 resistance, it could continue to move down. Immediate support on the downside is near the $26,000 zone and the trend line.<\/p>\n

The next major support is near the $25,600 level. A downside break below the $25,600 level might push the price further into a bearish zone. In the stated case, the price could drop toward $25,000.<\/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 $26,000, followed by $25,600.<\/p>\n

Major Resistance Levels \u2013 $26,500, $27,000, and $27,500.<\/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-28475","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\/28475","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=28475"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28475\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28475"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}