{"id":28646,"date":"2023-08-24T04:53:23","date_gmt":"2023-08-24T08:53:23","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28646"},"modified":"2023-08-24T04:53:23","modified_gmt":"2023-08-24T08:53:23","slug":"bitcoin-price-starts-recovery-but-can-bulls-clear-this-hurdle","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/24\/bitcoin-price-starts-recovery-but-can-bulls-clear-this-hurdle\/","title":{"rendered":"Bitcoin Price Starts Recovery But Can Bulls Clear This Hurdle?"},"content":{"rendered":"

Bitcoin price started a recovery wave above the $26,250 resistance. BTC could gain bullish momentum if there is a close above the $27,000 resistance.<\/em><\/p>\n

Bitcoin is slowly moving higher above the $26,250 support zone.
\nThe price is trading above $26,250 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support near $26,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to rise if it clears the $27,000 resistance.<\/p>\n

Bitcoin Price Recovers<\/h2>\n

Bitcoin price remained well-bid above the $25,800 level. BTC formed a base and started a recovery wave above the $26,050 level<\/a>. The bulls were able to push the price above the $26,250 level.<\/p>\n

There was also a break above the $26,500 resistance. Finally, the price tested the $26,780 zone. A high is formed near $26,779 and the price is now consolidating gains. It is trading just below the 23.6% Fib retracement level of the recent wave from the $25,360 swing low to the $26,779 high.<\/p>\n

Bitcoin is trading above $26,250 and the 100 hourly Simple moving average<\/a>. There is also a connecting bullish trend line forming with support near $26,250 on the hourly chart of the BTC\/USD pair.<\/p>\n\n

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

On the upside, immediate resistance is near the $26,600 level. The first major resistance is now near the $26,780 level, above which the price might rise toward the $27,000 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 $28,200.<\/p>\n

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

If Bitcoin fails to clear the $26,780 resistance, it could start a downside correction. Immediate support on the downside is near the $26,250 zone and the trend line.<\/p>\n

The next major support is near the $26,050 level or the 50% Fib retracement level of the recent wave from the $25,360 swing low to the $26,779 high. A downside break below the $26,050 level might push the price again into a bearish zone. In the stated case, the price could drop toward $25,550.<\/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 $26,250, followed by $26,050.<\/p>\n

Major Resistance Levels \u2013 $26,780, $27,000, and $27,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started a recovery wave above the $26,250 resistance. BTC could gain bullish momentum if there is a close above the $27,000 resistance.<\/em><\/p>\n

Bitcoin is slowly moving higher above the $26,250 support zone.
\nThe price is trading above $26,250 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support near $26,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to rise if it clears the $27,000 resistance.<\/p>\n

Bitcoin Price Recovers<\/h2>\n

Bitcoin price remained well-bid above the $25,800 level. BTC formed a base and started a recovery wave above the $26,050 level<\/a>. The bulls were able to push the price above the $26,250 level.<\/p>\n

There was also a break above the $26,500 resistance. Finally, the price tested the $26,780 zone. A high is formed near $26,779 and the price is now consolidating gains. It is trading just below the 23.6% Fib retracement level of the recent wave from the $25,360 swing low to the $26,779 high.<\/p>\n

Bitcoin is trading above $26,250 and the 100 hourly Simple moving average<\/a>. There is also a connecting bullish trend line forming with support near $26,250 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

On the upside, immediate resistance is near the $26,600 level. The first major resistance is now near the $26,780 level, above which the price might rise toward the $27,000 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 $28,200.<\/p>\n

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

If Bitcoin fails to clear the $26,780 resistance, it could start a downside correction. Immediate support on the downside is near the $26,250 zone and the trend line.<\/p>\n

The next major support is near the $26,050 level or the 50% Fib retracement level of the recent wave from the $25,360 swing low to the $26,779 high. A downside break below the $26,050 level might push the price again into a bearish zone. In the stated case, the price could drop toward $25,550.<\/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 $26,250, followed by $26,050.<\/p>\n

Major Resistance Levels \u2013 $26,780, $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-28646","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\/28646","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=28646"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28646\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28646"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}