{"id":29026,"date":"2023-09-01T03:53:31","date_gmt":"2023-09-01T07:53:31","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=29026"},"modified":"2023-09-01T03:53:31","modified_gmt":"2023-09-01T07:53:31","slug":"bitcoin-price-back-to-square-one-why-this-could-be-a-bearish-signal","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/01\/bitcoin-price-back-to-square-one-why-this-could-be-a-bearish-signal\/","title":{"rendered":"Bitcoin Price Back To Square One, Why This Could Be A Bearish Signal"},"content":{"rendered":"

Bitcoin price trimmed all gains and tested the $25,650 zone. BTC is now at risk of a fresh decline toward the $24,500 level in the near term.<\/em><\/p>\n

Bitcoin started a fresh decline below the $26,500 and $26,200 levels.
\nThe price is trading below $26,600 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $26,750 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its decline toward $24,500 in the coming sessions.<\/p>\n

Bitcoin Price Starts Fresh Decline<\/h2>\n

Bitcoin price failed to climb again above the $27,000 resistance zone<\/a>. BTC started a fresh decline and gained bearish momentum below the $26,500 level.<\/p>\n

There was a clear move below the $26,200 level. The price even spiked below the $26,000 level. A low is formed near $25,663 and the price is now consolidating losses. Bitcoin is now trading below $26,600 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Besides, there is a key bearish trend line forming with resistance near $26,750 on the hourly chart of the BTC\/USD pair. Immediate resistance on the upside is near the $26,250 level. It is close to the 23.6% Fib retracement level of the recent decline from the $28,150 swing high to the $25,663 low.<\/p>\n

The first major resistance is near the $26,650 level or the trend line region. The trend line is also close to the 50% Fib retracement level of the recent decline from the $28,150 swing high to the $25,663 low. The main resistance is now forming near the $27,000 level.<\/p>\n\n

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

A clear move above the $27,000 level might send the price toward $27,400. The next major resistance is near $28,000, above which there could be a sustained increase. In the stated case, the price could test the $29,200 level.<\/p>\n

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

If Bitcoin fails to clear the $26,750 resistance, it could continue to move down. Immediate support on the downside is near the $25,800 level.<\/p>\n

The next major support is near the $25,650 level. A downside break below the $25,650 level might put a lot of pressure on the bulls. In the stated case, the price could drop toward $24,500.<\/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 $25,800, followed by $25,650.<\/p>\n

Major Resistance Levels \u2013 $26,250, $26,750, and $27,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price trimmed all gains and tested the $25,650 zone. BTC is now at risk of a fresh decline toward the $24,500 level in the near term.<\/em><\/p>\n

Bitcoin started a fresh decline below the $26,500 and $26,200 levels.
\nThe price is trading below $26,600 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $26,750 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its decline toward $24,500 in the coming sessions.<\/p>\n

Bitcoin Price Starts Fresh Decline<\/h2>\n

Bitcoin price failed to climb again above the $27,000 resistance zone<\/a>. BTC started a fresh decline and gained bearish momentum below the $26,500 level.<\/p>\n

There was a clear move below the $26,200 level. The price even spiked below the $26,000 level. A low is formed near $25,663 and the price is now consolidating losses. Bitcoin is now trading below $26,600 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Besides, there is a key bearish trend line forming with resistance near $26,750 on the hourly chart of the BTC\/USD pair. Immediate resistance on the upside is near the $26,250 level. It is close to the 23.6% Fib retracement level of the recent decline from the $28,150 swing high to the $25,663 low.<\/p>\n

The first major resistance is near the $26,650 level or the trend line region. The trend line is also close to the 50% Fib retracement level of the recent decline from the $28,150 swing high to the $25,663 low. The main resistance is now forming near the $27,000 level.<\/p>\n

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

A clear move above the $27,000 level might send the price toward $27,400. The next major resistance is near $28,000, above which there could be a sustained increase. In the stated case, the price could test the $29,200 level.<\/p>\n

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

If Bitcoin fails to clear the $26,750 resistance, it could continue to move down. Immediate support on the downside is near the $25,800 level.<\/p>\n

The next major support is near the $25,650 level. A downside break below the $25,650 level might put a lot of pressure on the bulls. In the stated case, the price could drop toward $24,500.<\/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 $25,800, followed by $25,650.<\/p>\n

Major Resistance Levels \u2013 $26,250, $26,750, 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-29026","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\/29026","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=29026"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29026\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29026"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}