{"id":30059,"date":"2023-09-25T03:52:48","date_gmt":"2023-09-25T07:52:48","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=30059"},"modified":"2023-09-25T03:52:48","modified_gmt":"2023-09-25T07:52:48","slug":"bitcoin-price-grinds-lower-and-seems-like-bears-are-not-done-yet","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/25\/bitcoin-price-grinds-lower-and-seems-like-bears-are-not-done-yet\/","title":{"rendered":"Bitcoin Price Grinds Lower And Seems Like Bears Are Not Done Yet"},"content":{"rendered":"

Bitcoin price is again moving lower below the $26,500 support. BTC remains at risk of more losses below the $26,000 support in the near term.<\/em><\/p>\n

Bitcoin started a fresh decline after it failed to clear the $27,500 resistance.
\nThe price is trading below $26,500 and the 100 hourly Simple moving average.
\nThere is a major bearish trend line forming with resistance near $26,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is now at risk of more downsides below the $26,000 level.<\/p>\n

Bitcoin Price Drops Again<\/h2>\n

Bitcoin price failed to clear the $27,500 resistance<\/a> and started a fresh decline. BTC traded below the $27,000 and $26,500 support levels to enter a bearish zone.<\/p>\n

There was also a move below the $26,200 support level. The price tested the $26,000 zone. A low was formed near $26,026 and the price is now consolidating losses. It is trading just above the 23.6% Fib retracement level of the recent decline from the $26,711 swing high to the $26,026 low.<\/p>\n

Bitcoin is now trading below $26,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance on the upside is near the $26,350 level. The first major resistance is near the $26,500 zone, a connecting bearish trend line, and the 61.8% Fib retracement level of the recent decline from the $26,711 swing high to the $26,026 low.<\/p>\n

<\/a><\/p>\n

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

The next key resistance could be near the $26,700 level, above which the price could gain bullish momentum. In the stated case, the price could even rise toward the $27,000 resistance. Any more gains might call for a move toward the $27,500 level.<\/p>\n

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

If Bitcoin fails to start a fresh increase above the $26,500 resistance, it could continue to move down. Immediate support on the downside is near the $26,050 level.<\/p>\n

The next major support is near the $26,000 level. A downside break and close below the $26,000 level might send the price further lower toward the next support at $25,400 in the coming sessions. Any more losses might call for a test of $25,000.<\/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 $26,000, followed by $25,400.<\/p>\n

Major Resistance Levels \u2013 $26,350, $26,500, and $26,700.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is again moving lower below the $26,500 support. BTC remains at risk of more losses below the $26,000 support in the near term.<\/em><\/p>\n

Bitcoin started a fresh decline after it failed to clear the $27,500 resistance.
\nThe price is trading below $26,500 and the 100 hourly Simple moving average.
\nThere is a major bearish trend line forming with resistance near $26,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is now at risk of more downsides below the $26,000 level.<\/p>\n

Bitcoin Price Drops Again<\/h2>\n

Bitcoin price failed to clear the $27,500 resistance<\/a> and started a fresh decline. BTC traded below the $27,000 and $26,500 support levels to enter a bearish zone.<\/p>\n

There was also a move below the $26,200 support level. The price tested the $26,000 zone. A low was formed near $26,026 and the price is now consolidating losses. It is trading just above the 23.6% Fib retracement level of the recent decline from the $26,711 swing high to the $26,026 low.<\/p>\n

Bitcoin is now trading below $26,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance on the upside is near the $26,350 level. The first major resistance is near the $26,500 zone, a connecting bearish trend line, and the 61.8% Fib retracement level of the recent decline from the $26,711 swing high to the $26,026 low.<\/p>\n

<\/a><\/p>\n

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

The next key resistance could be near the $26,700 level, above which the price could gain bullish momentum. In the stated case, the price could even rise toward the $27,000 resistance. Any more gains might call for a move toward the $27,500 level.<\/p>\n

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

If Bitcoin fails to start a fresh increase above the $26,500 resistance, it could continue to move down. Immediate support on the downside is near the $26,050 level.<\/p>\n

The next major support is near the $26,000 level. A downside break and close below the $26,000 level might send the price further lower toward the next support at $25,400 in the coming sessions. Any more losses might call for a test of $25,000.<\/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 $26,000, followed by $25,400.<\/p>\n

Major Resistance Levels \u2013 $26,350, $26,500, and $26,700.<\/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-30059","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\/30059","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=30059"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30059\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30059"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}