{"id":29264,"date":"2023-09-07T02:53:21","date_gmt":"2023-09-07T06:53:21","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=29264"},"modified":"2023-09-07T02:53:21","modified_gmt":"2023-09-07T06:53:21","slug":"bitcoin-bulls-continues-to-struggle-heres-why-upsides-could-be-limited","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/07\/bitcoin-bulls-continues-to-struggle-heres-why-upsides-could-be-limited\/","title":{"rendered":"Bitcoin Bulls Continues To Struggle, Here\u2019s Why Upsides Could Be Limited"},"content":{"rendered":"

Bitcoin price is still consolidating above $25,500. BTC might attempt an upside correction, but upsides might be limited above the $26,200 resistance.<\/em><\/p>\n

Bitcoin is still trading in a range above the $25,500 support zone.
\nThe price is trading below $26,000 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $25,950 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could attempt to recover but the bears might remain active near $26,200.<\/p>\n

Bitcoin Price Stuck In Range<\/h2>\n

Bitcoin price made another attempt to clear the $26,000 resistance zone<\/a>. However, BTC failed to gain strength for a move above the $26,000 and $26,200 levels.<\/p>\n

As a result, there was a fresh bearish reaction and the price declined below the $25,650 level. The bulls managed to protect the $25,350 support and the price climbed back above $25,500. It is now trading below $26,000 and the 100 hourly Simple moving average.<\/p>\n

Besides, there is a key bearish trend line<\/a> forming with resistance near $25,950 on the hourly chart of the BTC\/USD pair. Immediate resistance on the upside is near the $26,000 level and the trend line. It is close to the 23.6% Fib retracement level of the key drop from the $28,150 swing high to the $25,333 low.<\/p>\n

The first major resistance is near the $26,200 level. A proper close above the $26,200 level might start an upside correction toward $26,750. It is close to the 50% Fib retracement level of the key drop from the $28,150 swing high to the $25,333 low.<\/p>\n\n

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

The next major resistance is near $27,000, above which the bulls attempt a steady increase. In the stated case, the price could test the $28,000 level.<\/p>\n

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

If Bitcoin fails to clear the $26,000 resistance, it could continue to move down. Immediate support on the downside is near the $25,500 level.<\/p>\n

The next major support is near the $25,350 level. A downside break and close below the $25,350 level might increase selling pressure. In the stated case, the price could drop toward $24,500 or even $24,000.<\/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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $25,500, followed by $25,350.<\/p>\n

Major Resistance Levels \u2013 $25,950, $26,000, and $26,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is still consolidating above $25,500. BTC might attempt an upside correction, but upsides might be limited above the $26,200 resistance.<\/em><\/p>\n

Bitcoin is still trading in a range above the $25,500 support zone.
\nThe price is trading below $26,000 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $25,950 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could attempt to recover but the bears might remain active near $26,200.<\/p>\n

Bitcoin Price Stuck In Range<\/h2>\n

Bitcoin price made another attempt to clear the $26,000 resistance zone<\/a>. However, BTC failed to gain strength for a move above the $26,000 and $26,200 levels.<\/p>\n

As a result, there was a fresh bearish reaction and the price declined below the $25,650 level. The bulls managed to protect the $25,350 support and the price climbed back above $25,500. It is now trading below $26,000 and the 100 hourly Simple moving average.<\/p>\n

Besides, there is a key bearish trend line<\/a> forming with resistance near $25,950 on the hourly chart of the BTC\/USD pair. Immediate resistance on the upside is near the $26,000 level and the trend line. It is close to the 23.6% Fib retracement level of the key drop from the $28,150 swing high to the $25,333 low.<\/p>\n

The first major resistance is near the $26,200 level. A proper close above the $26,200 level might start an upside correction toward $26,750. It is close to the 50% Fib retracement level of the key drop from the $28,150 swing high to the $25,333 low.<\/p>\n

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

The next major resistance is near $27,000, above which the bulls attempt a steady increase. In the stated case, the price could test the $28,000 level.<\/p>\n

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

If Bitcoin fails to clear the $26,000 resistance, it could continue to move down. Immediate support on the downside is near the $25,500 level.<\/p>\n

The next major support is near the $25,350 level. A downside break and close below the $25,350 level might increase selling pressure. In the stated case, the price could drop toward $24,500 or even $24,000.<\/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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $25,500, followed by $25,350.<\/p>\n

Major Resistance Levels \u2013 $25,950, $26,000, and $26,200.<\/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-29264","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\/29264","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=29264"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29264\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29264"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}