{"id":31225,"date":"2023-10-20T03:53:22","date_gmt":"2023-10-20T07:53:22","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31225"},"modified":"2023-10-20T03:53:22","modified_gmt":"2023-10-20T07:53:22","slug":"bitcoin-price-hesitates-but-further-gains-seem-likely-toward-30k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/20\/bitcoin-price-hesitates-but-further-gains-seem-likely-toward-30k\/","title":{"rendered":"Bitcoin Price Hesitates, But Further Gains Seem Likely Toward $30K"},"content":{"rendered":"

Bitcoin price is attempting a fresh increase above $28,500. BTC is eyeing another upside break toward the $30,000 resistance in the near term.<\/em><\/p>\n

Bitcoin found support near $28,150 and started a fresh increase.
\nThe price is trading above $28,500 and the 100 hourly Simple moving average.
\nThere is a key rising channel forming with resistance near $29,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to rise if there is a close above the $29,000 resistance.<\/p>\n

Bitcoin Price Eyes Upside Break<\/h2>\n

Bitcoin price struggled below the $29,000 level. BTC even traded below the $28,250 level before the bulls appeared. The price found support near the $28,150 zone and recently started a fresh increase<\/a>.<\/p>\n

There was a move above the $28,400 and $28,500 resistance levels. The price cleared the 61.8% Fib retracement level of the downward move from the $28,980 swing high to the $28,150 low. There is also a key rising channel forming with resistance near $29,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading above $28,500 and the 100 hourly Simple moving average<\/a>. It is slowly gaining pace and consolidating near the 76.4% Fib retracement level of the downward move from the $28,980 swing high to the $28,150 low.<\/p>\n

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

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

On the upside, immediate resistance is near the $28,950 level. The next key resistance could be near $29,000 and the channel region. A close above the $29,000 resistance zone could set the pace for a larger increase. The next key resistance could be $29,500. Any more gains might send BTC toward the $30,000 level, above which the bulls might aim for $31,200.<\/p>\n

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

If Bitcoin fails to rise above the $29,000 resistance zone, it could start another decline. Immediate support on the downside is near the $28,650 level.<\/p>\n

The next major support is near the $28,350 level and the 100 hourly Simple moving average. The main support is now forming near $28,150. A downside break and close below the $28,150 support might trigger more losses in the near term. The next support sits at $27,650, below which it could test $28,120.<\/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 $28,650, followed by $28,150.<\/p>\n

Major Resistance Levels \u2013 $28,950, $29,000, and $30,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is attempting a fresh increase above $28,500. BTC is eyeing another upside break toward the $30,000 resistance in the near term.<\/em><\/p>\n

Bitcoin found support near $28,150 and started a fresh increase.
\nThe price is trading above $28,500 and the 100 hourly Simple moving average.
\nThere is a key rising channel forming with resistance near $29,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to rise if there is a close above the $29,000 resistance.<\/p>\n

Bitcoin Price Eyes Upside Break<\/h2>\n

Bitcoin price struggled below the $29,000 level. BTC even traded below the $28,250 level before the bulls appeared. The price found support near the $28,150 zone and recently started a fresh increase<\/a>.<\/p>\n

There was a move above the $28,400 and $28,500 resistance levels. The price cleared the 61.8% Fib retracement level of the downward move from the $28,980 swing high to the $28,150 low. There is also a key rising channel forming with resistance near $29,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading above $28,500 and the 100 hourly Simple moving average<\/a>. It is slowly gaining pace and consolidating near the 76.4% Fib retracement level of the downward move from the $28,980 swing high to the $28,150 low.<\/p>\n

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

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

On the upside, immediate resistance is near the $28,950 level. The next key resistance could be near $29,000 and the channel region. A close above the $29,000 resistance zone could set the pace for a larger increase. The next key resistance could be $29,500. Any more gains might send BTC toward the $30,000 level, above which the bulls might aim for $31,200.<\/p>\n

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

If Bitcoin fails to rise above the $29,000 resistance zone, it could start another decline. Immediate support on the downside is near the $28,650 level.<\/p>\n

The next major support is near the $28,350 level and the 100 hourly Simple moving average. The main support is now forming near $28,150. A downside break and close below the $28,150 support might trigger more losses in the near term. The next support sits at $27,650, below which it could test $28,120.<\/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 $28,650, followed by $28,150.<\/p>\n

Major Resistance Levels \u2013 $28,950, $29,000, and $30,000.<\/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-31225","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\/31225","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=31225"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31225\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31225"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}