{"id":138750,"date":"2023-09-02T03:09:35","date_gmt":"2023-09-01T21:39:35","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=138750"},"modified":"2023-09-02T03:09:35","modified_gmt":"2023-09-01T21:39:35","slug":"bitcoin-price-nosedives-and-turns-attractive-to-sellers-on-recovery-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-nosedives-and-turns-attractive-to-sellers-on-recovery-crypto-news\/","title":{"rendered":"Bitcoin Price Nosedives and Turns Attractive To Sellers On Recovery &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><em>Bitcoin price tumbled below the $28,400 support. BTC tested $24,800 and is currently attempting a recovery wave toward $27,000.<\/em><\/p>\n<ul>\n<li>Bitcoin is down over 6% and trading below the $27,000 support zone.<\/li>\n<li>The price is trading below $26,800 and the 100 hourly Simple moving average.<\/li>\n<li>There are two bearish trend lines forming with resistance near $27,500 and $28,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could continue to move down and trade below the $25,800 support.<\/li>\n<\/ul>\n<h2>Bitcoin Price Breaks Support<\/h2>\n<p>Bitcoin price started a fresh decline after it failed to stay above the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-plunges-28400\/\">$28,400 support zone<\/a>. BTC declined heavily after it broke the $28,000 support zone.<\/p>\n<p>It is down over 6% and there was a spike below the $25,500 support zone. A low is formed near $24,800 and the price is now attempting a recovery wave. It recovered above the $25,000 and $26,000 levels. However, the bears are now protecting the 50% Fib retracement level of the downward move from the $29,182 swing high to the $24,800 low.<\/p>\n<p>Bitcoin is now trading below $27,000 and the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-losses-29000\/\">100 hourly Simple moving average<\/a>. There are two bearish trend lines forming with resistance near $27,500 and $28,500 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Immediate resistance is near the $27,000 level. The next major resistance is near $27,500 and the trend line. It is close to the 61.8% Fib retracement level of the downward move from the $29,182 swing high to the $24,800 low. The main resistance is now forming near the $28,500 zone and the 100 hourly Simple moving average.<\/p>\n<\/p>\n<p>Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">BTCUSD on TradingView.com<\/a><\/p>\n<p>A close above the $28,500 resistance could start a decent increase toward the $29,200 resistance zone. Any more gains might set the pace for a larger increase toward $30,000.<\/p>\n<h2>Another Decline In BTC?<\/h2>\n<p>If Bitcoin fails to clear the $27,500 resistance, it could continue to move down. Immediate support on the downside is near the $25,800 zone.<\/p>\n<p>The next major support is near the $25,500 level. A downside break below the $25,500 level might push the price further into a bearish zone. In the stated case, the price could drop toward $24,800.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 40 level.<\/p>\n<p>Major Support Levels \u2013 $25,800, followed by $25,500.<\/p>\n<p>Major Resistance Levels \u2013 $27,000, $27,500, and $28,500.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price tumbled below the $28,400 support. BTC tested $24,800 and is currently attempting a recovery wave toward $27,000. Bitcoin is down over 6% and trading below the $27,000 support zone. The price is trading below $26,800 and the 100 hourly Simple moving average. There are two bearish trend lines forming with resistance near $27,500 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":138751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-138750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=138750"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138750\/revisions"}],"predecessor-version":[{"id":138752,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138750\/revisions\/138752"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/138751"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=138750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=138750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=138750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}