{"id":28587,"date":"2023-08-23T03:55:48","date_gmt":"2023-08-23T07:55:48","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28587"},"modified":"2023-08-23T03:55:48","modified_gmt":"2023-08-23T07:55:48","slug":"bitcoin-bulls-keep-pushing-why-btc-could-recover-above-this-resistance","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/23\/bitcoin-bulls-keep-pushing-why-btc-could-recover-above-this-resistance\/","title":{"rendered":"Bitcoin Bulls Keep Pushing, Why BTC Could Recover Above This Resistance"},"content":{"rendered":"

Bitcoin price remained strong above the $25,500 zone. BTC could soon attempt a recovery wave above the $26,500 resistance zone in the near term.<\/em><\/p>\n

Bitcoin is still consolidating above the $25,500 support zone.
\nThe price is trading near $26,050 and the 100 hourly Simple moving average.
\nThere was a break above a connecting bearish trend line with resistance near $25,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a decent increase if there is a clear wave above the $26,500 resistance.<\/p>\n

Bitcoin Price Eyes Recovery<\/h2>\n

Bitcoin price started another decline below the $25,800 zone. BTC spiked below the $25,600 and $25,500 levels<\/a>. However, downsides were limited below the $25,350 level.<\/p>\n

A low was formed near $25,359 and the price started a fresh increase. There was a move above the $25,500 and $25,600 levels. The price climbed above the $26,000 level and tested $26,150. Besides, there was a break above a connecting bearish trend line with resistance near $25,900 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading near $26,050 and the 100 hourly Simple moving average<\/a>. It is also above the 23.6% Fib retracement level of the recent increase from the $25,359 swing low to the $26,155 high.<\/p>\n

Immediate resistance is near the $26,150 level. The next major resistance is near $26,250. A close above the $26,250 resistance might send the price toward the $26,500 resistance zone.<\/p>\n\n

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

If the bulls push the price above $26,500, there could be a move toward the $27,000 resistance zone. Finally, to start a decent increase, the price must settle above the $27,000 zone. A close above the $27,000 resistance could start a decent increase toward the $27,800 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 $26,250 resistance, it could start another decline. Immediate support on the downside is near the $25,850 zone.<\/p>\n

The next major support is near the $25,550 level or the 76.4% Fib retracement level of the recent increase from the $25,359 swing low to the $26,155 high. A downside break below the $25,550 level might push the price again 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 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 $25,850, followed by $25,550.<\/p>\n

Major Resistance Levels \u2013 $26,250, $26,500, and $27,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price remained strong above the $25,500 zone. BTC could soon attempt a recovery wave above the $26,500 resistance zone in the near term.<\/em><\/p>\n

Bitcoin is still consolidating above the $25,500 support zone.
\nThe price is trading near $26,050 and the 100 hourly Simple moving average.
\nThere was a break above a connecting bearish trend line with resistance near $25,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a decent increase if there is a clear wave above the $26,500 resistance.<\/p>\n

Bitcoin Price Eyes Recovery<\/h2>\n

Bitcoin price started another decline below the $25,800 zone. BTC spiked below the $25,600 and $25,500 levels<\/a>. However, downsides were limited below the $25,350 level.<\/p>\n

A low was formed near $25,359 and the price started a fresh increase. There was a move above the $25,500 and $25,600 levels. The price climbed above the $26,000 level and tested $26,150. Besides, there was a break above a connecting bearish trend line with resistance near $25,900 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading near $26,050 and the 100 hourly Simple moving average<\/a>. It is also above the 23.6% Fib retracement level of the recent increase from the $25,359 swing low to the $26,155 high.<\/p>\n

Immediate resistance is near the $26,150 level. The next major resistance is near $26,250. A close above the $26,250 resistance might send the price toward the $26,500 resistance zone.<\/p>\n

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

If the bulls push the price above $26,500, there could be a move toward the $27,000 resistance zone. Finally, to start a decent increase, the price must settle above the $27,000 zone. A close above the $27,000 resistance could start a decent increase toward the $27,800 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 $26,250 resistance, it could start another decline. Immediate support on the downside is near the $25,850 zone.<\/p>\n

The next major support is near the $25,550 level or the 76.4% Fib retracement level of the recent increase from the $25,359 swing low to the $26,155 high. A downside break below the $25,550 level might push the price again 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 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 $25,850, followed by $25,550.<\/p>\n

Major Resistance Levels \u2013 $26,250, $26,500, and $27,000.<\/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-28587","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\/28587","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=28587"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28587\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28587"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}