{"id":30861,"date":"2023-10-12T03:55:07","date_gmt":"2023-10-12T07:55:07","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=30861"},"modified":"2023-10-12T03:55:07","modified_gmt":"2023-10-12T07:55:07","slug":"bitcoin-bears-turn-the-tide-as-risk-of-more-downsides-escalate","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/12\/bitcoin-bears-turn-the-tide-as-risk-of-more-downsides-escalate\/","title":{"rendered":"Bitcoin Bears Turn The Tide As Risk of More Downsides Escalate"},"content":{"rendered":"

Bitcoin price is sliding and trading below $27,000. BTC is still at risk of more downsides below the $26,500 and $26,200 support levels.<\/em><\/p>\n

Bitcoin is moving lower and showing bearish signs below $27,000.
\nThe price is trading below $27,000 and the 100 hourly Simple moving average.
\nThere are two bearish trend lines forming with resistance near $26,950 and $27,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down toward the $26,000 support in the near term.<\/p>\n

Bitcoin Price Extends Losses<\/h2>\n

Bitcoin price struggled to start a recovery wave above the $27,500 resistance<\/a>. BTC remained in a bearish zone and declined further below the $27,000 level.<\/p>\n

There was a drop below the $26,800 level and the price tested the $26,500 support. A low is formed near $26,551 and the price is again attempting a recovery wave. There was a minor increase above the $26,800 level. However, the price is still facing many hurdles.<\/p>\n

Bitcoin is now trading below $27,000 and the 100 hourly Simple moving average<\/a>. There are also two bearish trend lines forming with resistance near $26,950 and $27,400 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $26,950 level and the first trend line. It is close to the 23.6% Fib retracement level of the downward move from the $28,284 swing high to the $26,551 low. The next key resistance could be near the $27,400 level and second the trend line.<\/p>\n

The second trend line is near the 50% Fib retracement level of the downward move from the $28,284 swing high to the $26,551 low. The first major resistance is $27,500 and the 100 hourly Simple moving average, above which Bitcoin might test $27,800.<\/p>\n

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

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

The main hurdle is still $28,500. A close above the $28,500 resistance could start another increase. In the stated case, the price could rise toward the $30,000 resistance.<\/p>\n

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

If Bitcoin fails to recover higher above the $27,000 resistance, there could be more losses. Immediate support on the downside is near the $26,650 level.<\/p>\n

The next major support is near the $26,500 level. A downside break and close below the $26,500 support might send the price further lower. The next support sits at $26,000.<\/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 $26,650, followed by $26,500.<\/p>\n

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

<\/p>\n

Bitcoin price is sliding and trading below $27,000. BTC is still at risk of more downsides below the $26,500 and $26,200 support levels.<\/em><\/p>\n

Bitcoin is moving lower and showing bearish signs below $27,000.
\nThe price is trading below $27,000 and the 100 hourly Simple moving average.
\nThere are two bearish trend lines forming with resistance near $26,950 and $27,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down toward the $26,000 support in the near term.<\/p>\n

Bitcoin Price Extends Losses<\/h2>\n

Bitcoin price struggled to start a recovery wave above the $27,500 resistance<\/a>. BTC remained in a bearish zone and declined further below the $27,000 level.<\/p>\n

There was a drop below the $26,800 level and the price tested the $26,500 support. A low is formed near $26,551 and the price is again attempting a recovery wave. There was a minor increase above the $26,800 level. However, the price is still facing many hurdles.<\/p>\n

Bitcoin is now trading below $27,000 and the 100 hourly Simple moving average<\/a>. There are also two bearish trend lines forming with resistance near $26,950 and $27,400 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $26,950 level and the first trend line. It is close to the 23.6% Fib retracement level of the downward move from the $28,284 swing high to the $26,551 low. The next key resistance could be near the $27,400 level and second the trend line.<\/p>\n

The second trend line is near the 50% Fib retracement level of the downward move from the $28,284 swing high to the $26,551 low. The first major resistance is $27,500 and the 100 hourly Simple moving average, above which Bitcoin might test $27,800.<\/p>\n

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

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

The main hurdle is still $28,500. A close above the $28,500 resistance could start another increase. In the stated case, the price could rise toward the $30,000 resistance.<\/p>\n

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

If Bitcoin fails to recover higher above the $27,000 resistance, there could be more losses. Immediate support on the downside is near the $26,650 level.<\/p>\n

The next major support is near the $26,500 level. A downside break and close below the $26,500 support might send the price further lower. The next support sits at $26,000.<\/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 $26,650, followed by $26,500.<\/p>\n

Major Resistance Levels \u2013 $27,000, $27,400, and $27,500.<\/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-30861","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\/30861","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=30861"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30861\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30861"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}