{"id":29534,"date":"2023-09-13T03:53:22","date_gmt":"2023-09-13T07:53:22","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=29534"},"modified":"2023-09-13T03:53:22","modified_gmt":"2023-09-13T07:53:22","slug":"bitcoin-price-signals-another-bearish-formation-and-could-revisit-25k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/13\/bitcoin-price-signals-another-bearish-formation-and-could-revisit-25k\/","title":{"rendered":"Bitcoin Price Signals Another Bearish Formation and Could Revisit $25K"},"content":{"rendered":"

Bitcoin price struggled again near the $26,500 resistance. BTC is forming a double-top pattern and could revisit the $25,000 support zone.<\/em><\/p>\n

Bitcoin recovered above $26,000 but struggled to clear $26,500.
\nThe price is trading above $25,800 and the 100 hourly Simple moving average.
\nThere is a short-term contracting triangle forming with resistance near $26,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another decline if it breaks the $25,550 support zone.<\/p>\n

Bitcoin Price Faces Uphill Task<\/h2>\n

Bitcoin price started a decent increase above the $26,000 resistance zone<\/a>. BTC climbed above the $26,200 resistance level but the bears were again active near the $26,500 resistance.<\/p>\n

The price failed to settle above the $26,500 resistance level. A high was formed near $26,528 and the price started a downside correction. It seems like there is a double-top pattern forming near the $26,500 zone. The price is now trading below the 23.6% Fib retracement level of the upward move from the $24,925 swing low to the $26,528 high.<\/p>\n

However, Bitcoin is now trading above $25,800 and the 100 hourly Simple moving average<\/a>. Besides, there is a short-term contracting triangle forming with resistance near $26,000 on the hourly chart of the BTC\/USD pair.<\/p>\n\n

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

Immediate resistance on the upside is near the $26,000 level. The first major resistance is near the $26,200 level. The main resistance is near the $26,500 level. A proper close above the $26,500 level might start a decent increase. The next major resistance is near $27,200, above which the bulls could gain strength. In the stated case, the price could test the $28,000 level.<\/p>\n

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

If Bitcoin fails to start a fresh increase above the $26,000 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 $25,550 level or the 61.8% Fib retracement level of the upward move from the $24,925 swing low to the $26,528 high. A downside break and close below the $25,550 level might call for more downsides. In the stated case, the price could drop toward $25,000 or even $24,800.<\/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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $25,800, followed by $25,550.<\/p>\n

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

<\/p>\n

Bitcoin price struggled again near the $26,500 resistance. BTC is forming a double-top pattern and could revisit the $25,000 support zone.<\/em><\/p>\n

Bitcoin recovered above $26,000 but struggled to clear $26,500.
\nThe price is trading above $25,800 and the 100 hourly Simple moving average.
\nThere is a short-term contracting triangle forming with resistance near $26,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another decline if it breaks the $25,550 support zone.<\/p>\n

Bitcoin Price Faces Uphill Task<\/h2>\n

Bitcoin price started a decent increase above the $26,000 resistance zone<\/a>. BTC climbed above the $26,200 resistance level but the bears were again active near the $26,500 resistance.<\/p>\n

The price failed to settle above the $26,500 resistance level. A high was formed near $26,528 and the price started a downside correction. It seems like there is a double-top pattern forming near the $26,500 zone. The price is now trading below the 23.6% Fib retracement level of the upward move from the $24,925 swing low to the $26,528 high.<\/p>\n

However, Bitcoin is now trading above $25,800 and the 100 hourly Simple moving average<\/a>. Besides, there is a short-term contracting triangle forming with resistance near $26,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

Immediate resistance on the upside is near the $26,000 level. The first major resistance is near the $26,200 level. The main resistance is near the $26,500 level. A proper close above the $26,500 level might start a decent increase. The next major resistance is near $27,200, above which the bulls could gain strength. In the stated case, the price could test the $28,000 level.<\/p>\n

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

If Bitcoin fails to start a fresh increase above the $26,000 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 $25,550 level or the 61.8% Fib retracement level of the upward move from the $24,925 swing low to the $26,528 high. A downside break and close below the $25,550 level might call for more downsides. In the stated case, the price could drop toward $25,000 or even $24,800.<\/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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $25,800, followed by $25,550.<\/p>\n

Major Resistance Levels \u2013 $26,000, $26,200, and $26,500.<\/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-29534","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\/29534","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=29534"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29534\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29534"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}