{"id":28798,"date":"2023-08-28T03:53:58","date_gmt":"2023-08-28T07:53:58","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28798"},"modified":"2023-08-28T03:53:58","modified_gmt":"2023-08-28T07:53:58","slug":"bitcoin-price-relatively-muted-what-are-chances-of-recovery","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/28\/bitcoin-price-relatively-muted-what-are-chances-of-recovery\/","title":{"rendered":"Bitcoin Price Relatively Muted, What Are Chances of Recovery?"},"content":{"rendered":"

Bitcoin price is stuck in a tiny range above the $25,900 support. \u00a0BTC could start a decent increase if there is a close above $26,200 and then $26,500.<\/em><\/p>\n

Bitcoin is struggling to clear the $26,500 resistance zone.
\nThe price is trading below $26,200 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $26,070 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could attempt a fresh increase if it clears $26,150 and $26,200.<\/p>\n

Bitcoin Price Eyes Fresh Increase<\/h2>\n

Bitcoin price tried to settle above the $26,500 resistance level<\/a>. However, BTC failed to stay above $26,500 and started a fresh decline.<\/p>\n

There was a move below the $26,250 pivot level. The price declined below the 50% Fib retracement level of the upward move from the $25,360 swing low to the $26,780 high. It seems like the price is now stuck in a tiny range above the $25,900 support zone.<\/p>\n

Bitcoin is now trading below $26,200 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance near $26,070 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $26,100 level, the trend line, and the 100 hourly Simple moving average<\/a>. The first major resistance is now near the $26,200 level, above which the price might rise toward the $26,500 resistance.<\/p>\n\n

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

To start a strong increase, the price must settle above the $26,500 resistance. In the stated case, the price could test the $27,000 level. Any more gains might set the pace for a larger increase toward $27,800.<\/p>\n

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

If Bitcoin fails to clear the $26,200 resistance, it could continue to move down. Immediate support on the downside is near the $25,900 zone or the 61.8% Fib retracement level of the upward move from the $25,360 swing low to the $26,780 high.<\/p>\n

The next major support is near the $25,400 level. A downside break below the $25,400 level might push the price further lower. In the stated case, the price could drop toward $24,800.<\/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 $25,900, followed by $25,400.<\/p>\n

Major Resistance Levels \u2013 $26,200, $26,500, and $27,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is stuck in a tiny range above the $25,900 support. \u00a0BTC could start a decent increase if there is a close above $26,200 and then $26,500.<\/em><\/p>\n

Bitcoin is struggling to clear the $26,500 resistance zone.
\nThe price is trading below $26,200 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $26,070 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could attempt a fresh increase if it clears $26,150 and $26,200.<\/p>\n

Bitcoin Price Eyes Fresh Increase<\/h2>\n

Bitcoin price tried to settle above the $26,500 resistance level<\/a>. However, BTC failed to stay above $26,500 and started a fresh decline.<\/p>\n

There was a move below the $26,250 pivot level. The price declined below the 50% Fib retracement level of the upward move from the $25,360 swing low to the $26,780 high. It seems like the price is now stuck in a tiny range above the $25,900 support zone.<\/p>\n

Bitcoin is now trading below $26,200 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance near $26,070 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $26,100 level, the trend line, and the 100 hourly Simple moving average<\/a>. The first major resistance is now near the $26,200 level, above which the price might rise toward the $26,500 resistance.<\/p>\n

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

To start a strong increase, the price must settle above the $26,500 resistance. In the stated case, the price could test the $27,000 level. Any more gains might set the pace for a larger increase toward $27,800.<\/p>\n

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

If Bitcoin fails to clear the $26,200 resistance, it could continue to move down. Immediate support on the downside is near the $25,900 zone or the 61.8% Fib retracement level of the upward move from the $25,360 swing low to the $26,780 high.<\/p>\n

The next major support is near the $25,400 level. A downside break below the $25,400 level might push the price further lower. In the stated case, the price could drop toward $24,800.<\/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 $25,900, followed by $25,400.<\/p>\n

Major Resistance Levels \u2013 $26,200, $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-28798","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\/28798","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=28798"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28798\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28798"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}