{"id":31000,"date":"2023-10-16T03:53:31","date_gmt":"2023-10-16T07:53:31","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31000"},"modified":"2023-10-16T03:53:31","modified_gmt":"2023-10-16T07:53:31","slug":"bitcoin-price-hints-at-potential-correction-but-can-btc-clear-this-hurdle","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/16\/bitcoin-price-hints-at-potential-correction-but-can-btc-clear-this-hurdle\/","title":{"rendered":"Bitcoin Price Hints At Potential Correction, But Can BTC Clear This Hurdle?"},"content":{"rendered":"

Bitcoin price started an upside correction from the $26,550 zone. BTC is rising and facing a strong resistance near the $27,300 and $27,500 levels.<\/em><\/p>\n

Bitcoin managed to recover above the $27,000 resistance zone.
\nThe price is trading above $27,000 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is showing signs of a recovery, but it could struggle near $27,300 and $27,500.<\/p>\n

Bitcoin Price Attempts Fresh Recovery<\/h2>\n

Bitcoin price found support near the $26,550 level<\/a>. BTC bears attempted to clear $26,550, but they failed. As a result, the price started an upside correction above the $26,800 resistance.<\/p>\n

There was a move above the 23.6% Fib retracement level of the downward move from the $28,285 swing high to the $26,550 low. Besides, there was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading above $27,000 and the 100 hourly Simple moving average. It seems like the price is facing a strong resistance near the $27,300 level.<\/p>\n

The next key resistance could be near $27,500<\/a> or the 61.8% Fib retracement level of the downward move from the $28,285 swing high to the $26,550 low. A clear move above the $27,500 and $27,650 resistance levels could set the pace for a larger increase.<\/p>\n

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

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

The next key resistance could be $28,000. A close above the $28,000 resistance might start a steady increase toward the $28,500 level. Any more gains might send BTC toward the $29,200 level.<\/p>\n

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

If Bitcoin fails to recover higher above the $27,500 resistance, there could be a fresh decline. Immediate support on the downside is near the $27,000 level and the trend line zone.<\/p>\n

The next major support is near the $26,900 level and the 100 hourly Simple moving average. A downside break and close below the $26,900 support might send the price further lower. The next support sits at $26,550.<\/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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $27,000, followed by $26,900.<\/p>\n

Major Resistance Levels \u2013 $27,300, $27,500, and $27,650.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started an upside correction from the $26,550 zone. BTC is rising and facing a strong resistance near the $27,300 and $27,500 levels.<\/em><\/p>\n

Bitcoin managed to recover above the $27,000 resistance zone.
\nThe price is trading above $27,000 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is showing signs of a recovery, but it could struggle near $27,300 and $27,500.<\/p>\n

Bitcoin Price Attempts Fresh Recovery<\/h2>\n

Bitcoin price found support near the $26,550 level<\/a>. BTC bears attempted to clear $26,550, but they failed. As a result, the price started an upside correction above the $26,800 resistance.<\/p>\n

There was a move above the 23.6% Fib retracement level of the downward move from the $28,285 swing high to the $26,550 low. Besides, there was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading above $27,000 and the 100 hourly Simple moving average. It seems like the price is facing a strong resistance near the $27,300 level.<\/p>\n

The next key resistance could be near $27,500<\/a> or the 61.8% Fib retracement level of the downward move from the $28,285 swing high to the $26,550 low. A clear move above the $27,500 and $27,650 resistance levels could set the pace for a larger increase.<\/p>\n

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

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

The next key resistance could be $28,000. A close above the $28,000 resistance might start a steady increase toward the $28,500 level. Any more gains might send BTC toward the $29,200 level.<\/p>\n

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

If Bitcoin fails to recover higher above the $27,500 resistance, there could be a fresh decline. Immediate support on the downside is near the $27,000 level and the trend line zone.<\/p>\n

The next major support is near the $26,900 level and the 100 hourly Simple moving average. A downside break and close below the $26,900 support might send the price further lower. The next support sits at $26,550.<\/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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $27,000, followed by $26,900.<\/p>\n

Major Resistance Levels \u2013 $27,300, $27,500, and $27,650.<\/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-31000","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\/31000","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=31000"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31000\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31000"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}