{"id":30619,"date":"2023-10-06T03:53:40","date_gmt":"2023-10-06T07:53:40","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=30619"},"modified":"2023-10-06T03:53:40","modified_gmt":"2023-10-06T07:53:40","slug":"bitcoin-price-is-showing-early-signs-of-fresh-drop-27200-is-the-key","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/06\/bitcoin-price-is-showing-early-signs-of-fresh-drop-27200-is-the-key\/","title":{"rendered":"Bitcoin Price Is Showing Early Signs of Fresh Drop, $27,200 Is The Key"},"content":{"rendered":"

Bitcoin price is struggling to rise above the $27,800 resistance zone. BTC could extend its decline if there is a clear move below the $27,200 support zone.<\/em><\/p>\n

Bitcoin is struggling to start a fresh increase above the $27,800 resistance zone.
\nThe price is trading below $27,700 and the 100 hourly Simple moving average.
\nThere was a break below a key rising channel with support near $27,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another decline if there is a close below the $27,200 support.<\/p>\n

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

Bitcoin price attempted a fresh increase from the $27,200 support zone<\/a> after a downside correction. BTC managed to recover above the $27,500 resistance zone.<\/p>\n

The price climbed above the 50% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. However, the bears remained active near the $28,000 resistance zone. The price struggled to settle above the $27,850 level.<\/p>\n

Bitcoin got rejected near the 61.8% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. It saw a fresh decline below $27,500.<\/p>\n

Besides, there was a break below a key rising channel with support near $27,650 on the hourly chart of the BTC\/USD pair. The bulls are now protecting the $27,200 support zone. It is trading below $27,700 and the 100 hourly Simple moving average<\/a>.<\/p>\n

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

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

Immediate resistance on the upside is near the $27,650 level. The next key resistance could be near the $28,000 level. A close above the $28,000 resistance could start another increase. In the stated case, the price could rise toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level.<\/p>\n

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

If Bitcoin fails to continue higher above the $27,800 resistance, there could be more losses. Immediate support on the downside is near the $27,400 level.<\/p>\n

The next major support is near the $27,200 level. A downside break and close below the $27,200 level might push the price further lower toward $26,800 in the near term. The next support sits at $26,200.<\/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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $27,400, followed by $27,200.<\/p>\n

Major Resistance Levels \u2013 $27,800, $28,000, and $28,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is struggling to rise above the $27,800 resistance zone. BTC could extend its decline if there is a clear move below the $27,200 support zone.<\/em><\/p>\n

Bitcoin is struggling to start a fresh increase above the $27,800 resistance zone.
\nThe price is trading below $27,700 and the 100 hourly Simple moving average.
\nThere was a break below a key rising channel with support near $27,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another decline if there is a close below the $27,200 support.<\/p>\n

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

Bitcoin price attempted a fresh increase from the $27,200 support zone<\/a> after a downside correction. BTC managed to recover above the $27,500 resistance zone.<\/p>\n

The price climbed above the 50% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. However, the bears remained active near the $28,000 resistance zone. The price struggled to settle above the $27,850 level.<\/p>\n

Bitcoin got rejected near the 61.8% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. It saw a fresh decline below $27,500.<\/p>\n

Besides, there was a break below a key rising channel with support near $27,650 on the hourly chart of the BTC\/USD pair. The bulls are now protecting the $27,200 support zone. It is trading below $27,700 and the 100 hourly Simple moving average<\/a>.<\/p>\n

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

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

Immediate resistance on the upside is near the $27,650 level. The next key resistance could be near the $28,000 level. A close above the $28,000 resistance could start another increase. In the stated case, the price could rise toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level.<\/p>\n

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

If Bitcoin fails to continue higher above the $27,800 resistance, there could be more losses. Immediate support on the downside is near the $27,400 level.<\/p>\n

The next major support is near the $27,200 level. A downside break and close below the $27,200 level might push the price further lower toward $26,800 in the near term. The next support sits at $26,200.<\/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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $27,400, followed by $27,200.<\/p>\n

Major Resistance Levels \u2013 $27,800, $28,000, and $28,500.<\/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-30619","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\/30619","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=30619"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30619\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30619"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}