{"id":30743,"date":"2023-10-10T03:52:36","date_gmt":"2023-10-10T07:52:36","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=30743"},"modified":"2023-10-10T03:52:36","modified_gmt":"2023-10-10T07:52:36","slug":"bitcoin-price-holds-strong-at-27200-but-can-btc-clear-this-hurdle","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/10\/bitcoin-price-holds-strong-at-27200-but-can-btc-clear-this-hurdle\/","title":{"rendered":"Bitcoin Price Holds Strong At $27,200 But Can BTC Clear This Hurdle?"},"content":{"rendered":"

Bitcoin price failed to clear the $28,500 resistance and corrected lower. BTC retested the $27,250 support and is currently attempting a fresh increase.<\/em><\/p>\n

Bitcoin is holding gains and still consolidating above the $27,250 zone.
\nThe price is trading below $27,800 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $27,780 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could struggle to clear the $27,800 and $28,500 resistance levels in the near term.<\/p>\n

Bitcoin Price Faces Key Hurdles<\/h2>\n

Bitcoin price started a decent increase above the $27,800 resistance<\/a>. However, BTC failed to remain in a positive zone and revisit the $28,500 resistance zone.<\/p>\n

There was a steady decline below the $28,000 level. The price declined below the $27,500 level, but the bulls were active above the $27,250 support zone. A low was formed near $27,275 and the price is now rising. There was a move above the $27,500 level.<\/p>\n

Bitcoin climbed above the 23.6% Fib retracement level of the recent decline from the $28,284 high to the $27,275 high. It is now trading below $27,800 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Besides, there is a key bearish trend line forming with resistance near $27,780 on the hourly chart of the BTC\/USD pair. Immediate resistance on the upside is near the $27,780 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $28,284 high to the $27,275 high.<\/p>\n

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

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

The next key resistance could be near the $28,100 level. The first major resistance is $28,250, above which Bitcoin might test $28,500. A close above the $28,500 resistance could start another increase. In the stated case, the price could rise toward the $29,200 resistance. Any more gains might call for a move toward the $30,000 level.<\/p>\n

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

If Bitcoin fails to continue higher above the $27,780 resistance, there could be a fresh decline. Immediate support on the downside is near the $27,500 level.<\/p>\n

The next major support is near the $27,250 level. A downside break and close below the $27,250 support might spark strong bearish moves. The next support sits at $26,200.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining 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 $27,500, followed by $27,250.<\/p>\n

Major Resistance Levels \u2013 $27,780, $28,250, and $28,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price failed to clear the $28,500 resistance and corrected lower. BTC retested the $27,250 support and is currently attempting a fresh increase.<\/em><\/p>\n

Bitcoin is holding gains and still consolidating above the $27,250 zone.
\nThe price is trading below $27,800 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $27,780 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could struggle to clear the $27,800 and $28,500 resistance levels in the near term.<\/p>\n

Bitcoin Price Faces Key Hurdles<\/h2>\n

Bitcoin price started a decent increase above the $27,800 resistance<\/a>. However, BTC failed to remain in a positive zone and revisit the $28,500 resistance zone.<\/p>\n

There was a steady decline below the $28,000 level. The price declined below the $27,500 level, but the bulls were active above the $27,250 support zone. A low was formed near $27,275 and the price is now rising. There was a move above the $27,500 level.<\/p>\n

Bitcoin climbed above the 23.6% Fib retracement level of the recent decline from the $28,284 high to the $27,275 high. It is now trading below $27,800 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Besides, there is a key bearish trend line forming with resistance near $27,780 on the hourly chart of the BTC\/USD pair. Immediate resistance on the upside is near the $27,780 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $28,284 high to the $27,275 high.<\/p>\n

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

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

The next key resistance could be near the $28,100 level. The first major resistance is $28,250, above which Bitcoin might test $28,500. A close above the $28,500 resistance could start another increase. In the stated case, the price could rise toward the $29,200 resistance. Any more gains might call for a move toward the $30,000 level.<\/p>\n

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

If Bitcoin fails to continue higher above the $27,780 resistance, there could be a fresh decline. Immediate support on the downside is near the $27,500 level.<\/p>\n

The next major support is near the $27,250 level. A downside break and close below the $27,250 support might spark strong bearish moves. The next support sits at $26,200.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining 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 $27,500, followed by $27,250.<\/p>\n

Major Resistance Levels \u2013 $27,780, $28,250, 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-30743","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\/30743","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=30743"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30743\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30743"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}