{"id":177003,"date":"2023-10-19T08:51:41","date_gmt":"2023-10-19T03:21:41","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=177003"},"modified":"2023-10-19T08:51:41","modified_gmt":"2023-10-19T03:21:41","slug":"bitcoin-price-could-see-downside-thrust-before-fresh-increase-to-29k-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-could-see-downside-thrust-before-fresh-increase-to-29k-crypto-news\/","title":{"rendered":"Bitcoin Price Could See Downside Thrust Before Fresh Increase To $29K &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><em>Bitcoin price is slowly moving lower below the $28,500 level. BTC could drop toward the $28,000 level or the 100 hourly SMA before the bulls take a stand.<\/em><\/p>\n<ul>\n<li>Bitcoin is struggling to gain traction for a move above the $28,500 level.<\/li>\n<li>The price is trading above $27,750 and the 100 hourly Simple moving average.<\/li>\n<li>There was a break below a key bullish trend line with support near $28,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could revisit the 100 hourly Simple moving average before it attempts a fresh increase.<\/li>\n<\/ul>\n<h2>Bitcoin Price Extends Downside Correction<\/h2>\n<p>Bitcoin price started a downside correction from the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-liftoff-30k-2\/\">$30,000 resistance zone<\/a>. BTC struggled to stay in a positive zone and settled below the $28,500 pivot level.<\/p>\n<p>Recently, the bears pushed the price below the $28,200 level. Besides, there was a break below a key bullish trend line with support near $28,400 on the hourly chart of the BTC\/USD pair. A low is formed near $28,150 and the price is now consolidating losses.<\/p>\n<p>Bitcoin is now trading above $27,750 and the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-rally-toward-30k\/\">100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $28,550 level. It is close to the 50% Fib retracement level of the recent decline from the $28,980 swing high to the $28,150 low.<\/p>\n<p>The next key resistance could be near $28,800 or the 76.4% Fib retracement level of the recent decline from the $28,980 swing high to the $28,150 low.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-13.png?resize=1024%2C468\"><\/a><\/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>The main resistance is now near the $29,000 zone. A clear move 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.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $28,550 resistance zone, it could slide further. Immediate support on the downside is near the $28,150 level.<\/p>\n<p>The next major support is near the $28,000 level and the 100 hourly Simple moving average. A downside break and close below the $28,000 support might trigger more losses in the near term. The next support sits at $27,660, below which it could test $28,120.<\/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 50 level.<\/p>\n<p>Major Support Levels \u2013 $28,150, followed by $28,000.<\/p>\n<p>Major Resistance Levels \u2013 $28,550, $28,800, and $29,000.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is slowly moving lower below the $28,500 level. BTC could drop toward the $28,000 level or the 100 hourly SMA before the bulls take a stand. Bitcoin is struggling to gain traction for a move above the $28,500 level. The price is trading above $27,750 and the 100 hourly Simple moving average. There [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":23454,"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-177003","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\/177003","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=177003"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177003\/revisions"}],"predecessor-version":[{"id":177004,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177003\/revisions\/177004"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/23454"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=177003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=177003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=177003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}