{"id":29329,"date":"2023-09-08T03:52:56","date_gmt":"2023-09-08T07:52:56","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=29329"},"modified":"2023-09-08T03:52:56","modified_gmt":"2023-09-08T07:52:56","slug":"bitcoin-price-attempts-recovery-but-heres-why-its-path-is-fill-with-challenges","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/08\/bitcoin-price-attempts-recovery-but-heres-why-its-path-is-fill-with-challenges\/","title":{"rendered":"Bitcoin Price Attempts Recovery But Here\u2019s Why Its Path Is Fill With Challenges"},"content":{"rendered":"

Bitcoin price is slowly moving higher above $26,000. BTC is showing signs of recovery but is still struggling to clear the $26,500 resistance zone.<\/em><\/p>\n

Bitcoin is up 2% and trading above the $26,000 resistance zone.
\nThe price is trading well above $26,000 and the 100 hourly Simple moving average.
\nThere was a break above a key bearish trend line with resistance near $25,940 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could struggle to clear the $26,500 and $26,750 resistance levels.<\/p>\n

Bitcoin Price Avoids Downside Break<\/h2>\n

Bitcoin price managed to stay above the $25,350 support zone<\/a>. BTC bulls protected a major downside break and pushed the price above the $25,850 resistance.<\/p>\n

There was a move above the $26,000 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $25,940 on the hourly chart of the BTC\/USD pair. The pair even climbed toward the $26,500 resistance zone where the bears appeared.<\/p>\n

A high is formed near $26,487 and the price is now consolidating gains. It traded below the 23.6% Fib retracement level of the recent increase from the $25,609 swing low to the $26,487 high.<\/p>\n

Bitcoin is now trading well above $26,000 and the 100 hourly Simple moving average<\/a>. Immediate resistance on the upside is near the $26,400 level. The first major resistance is near the $26,500 level. A proper close above the $26,500 level might start a decent increase.<\/p>\n\n

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

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

Are Dips Now Limited In BTC?<\/h2>\n

If Bitcoin fails to clear the $26,500 resistance, it could start a downside correction. Immediate support on the downside is near the $26,100 level.<\/p>\n

The next major support is near the $26,000 level or the 50% Fib retracement level of the recent increase from the $25,609 swing low to the $26,487 high. A downside break and close below the $26,000 level might increase selling pressure. In the stated case, the price could drop toward $25,500 or even $25,350.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $26,100, followed by $26,000.<\/p>\n

Major Resistance Levels \u2013 $26,400, $26,500, and $27,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is slowly moving higher above $26,000. BTC is showing signs of recovery but is still struggling to clear the $26,500 resistance zone.<\/em><\/p>\n

Bitcoin is up 2% and trading above the $26,000 resistance zone.
\nThe price is trading well above $26,000 and the 100 hourly Simple moving average.
\nThere was a break above a key bearish trend line with resistance near $25,940 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could struggle to clear the $26,500 and $26,750 resistance levels.<\/p>\n

Bitcoin Price Avoids Downside Break<\/h2>\n

Bitcoin price managed to stay above the $25,350 support zone<\/a>. BTC bulls protected a major downside break and pushed the price above the $25,850 resistance.<\/p>\n

There was a move above the $26,000 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $25,940 on the hourly chart of the BTC\/USD pair. The pair even climbed toward the $26,500 resistance zone where the bears appeared.<\/p>\n

A high is formed near $26,487 and the price is now consolidating gains. It traded below the 23.6% Fib retracement level of the recent increase from the $25,609 swing low to the $26,487 high.<\/p>\n

Bitcoin is now trading well above $26,000 and the 100 hourly Simple moving average<\/a>. Immediate resistance on the upside is near the $26,400 level. The first major resistance is near the $26,500 level. A proper close above the $26,500 level might start a decent increase.<\/p>\n

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

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

Are Dips Now Limited In BTC?<\/h2>\n

If Bitcoin fails to clear the $26,500 resistance, it could start a downside correction. Immediate support on the downside is near the $26,100 level.<\/p>\n

The next major support is near the $26,000 level or the 50% Fib retracement level of the recent increase from the $25,609 swing low to the $26,487 high. A downside break and close below the $26,000 level might increase selling pressure. In the stated case, the price could drop toward $25,500 or even $25,350.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $26,100, followed by $26,000.<\/p>\n

Major Resistance Levels \u2013 $26,400, $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-29329","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\/29329","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=29329"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29329\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29329"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}