{"id":380081,"date":"2019-04-29T06:30:05","date_gmt":"2019-04-29T06:30:05","guid":{"rendered":"https:\/\/wncen.com\/?p=380081"},"modified":"2024-06-11T12:50:29","modified_gmt":"2024-06-11T12:50:29","slug":"bitcoin-btc-price-near-crucial-juncture-2","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-near-crucial-juncture-2\/","title":{"rendered":"Bitcoin (BTC) Price Near Crucial Juncture: Can Bulls Gain Traction?"},"content":{"rendered":"<ul>\n<li>Bitcoin price rebounded above $5,100 after a massive drop towards $4,900 against the US Dollar.<\/li>\n<li>The price seems to be facing a strong resistance near the $5,200 and $5,220 levels.<\/li>\n<li>There is a major bearish trend line in place with resistance near $5,230 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could either rally above the $5,250 resistance or start a fresh decline in the near term.<\/li>\n<\/ul>\n<p><em>Bitcoin price is facing a significant resistance against the US Dollar. BTC is likely to climb sharply if it settles above $5,250 and the 100 hourly simple moving average.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>This past week, there was a <a href=\"https:\/\/wncen.com\/2019\/04\/27\/bitcoin-btc-price-weakness-sell-rallies\/\" target=\"_blank\" rel=\"noopener noreferrer \">sharp drop<\/a> in bitcoin price below the $5,200 support against the US Dollar. The BTC\/USD pair even spiked below the $5,000 support level and formed a swing low above $4,900. Later, the price started a slow and steady recovery above the $5,000 and $5,050 resistance levels. The bulls even pushed the price above the $5,100 resistance and the 23.6% Fib retracement level of the last slide from the $5,509 high to $4,905 low.<\/p>\n<p>It opened the doors for more gains above the $5,150 level, but the price struggled to clear the <a href=\"https:\/\/wncen.com\/2019\/04\/28\/bitcoin-btc-price-buy-dips\/\" target=\"_blank\" rel=\"noopener noreferrer \">$5,200 and $5,220 resistance levels<\/a>. It seems like the 50% Fib retracement level of the last slide from the $5,509 high to $4,905 low is acting as a hurdle. Besides, the 100 hourly simple moving average is also acting as a key resistance near $5,220. More importantly, there is a major bearish trend line forming with resistance near $5,230 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Therefore, the price must break the $5,220 resistance, the trend line, and the 100 hourly SMA. A successful close above $5,250 is likely to start a decent upward move towards the $5,300 level. The next major resistance for the bulls is near the $5,380 level. On the other hand, if there is no upside break, the price may decline below $5,150. An initial support is near the $5,100 level, below which the next stop could be $5,050.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-380082\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-29.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-29.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-29.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-29.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-29.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-29.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-29.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-29.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is clearly trading near a crucial juncture below $5,220 and $5,250. If the bulls gain control above $5,220 and $5,250, there could be a decent extension towards the $5,380 resistance level. Conversely, a continuous struggle to clear $5,250 is likely to start a fresh decrease towards the $5,100 or $5,050 level in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving in the bullish zone, with a few positive signs.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD managed to move back above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $5,150 followed by $5,100.<\/p>\n<p>Major Resistance Levels \u2013 $5,200, $5,220 and $5,250.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price rebounded above $5,100 after a massive drop towards $4,900 against the US Dollar. The price seems to be facing a strong resistance near the $5,200 and $5,220 levels. There is a major bearish trend line in place with resistance near $5,230 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could either rally above the $5,250 resistance or start a fresh decline in the near term. Bitcoin price is facing a significant resistance against the US Dollar. BTC is likely to climb sharply if it settles above $5,250 and the 100 hourly simple moving average. Bitcoin Price Analysis This past week, there was a sharp drop in bitcoin price below the $5,200 support against the US Dollar. The BTC\/USD pair even spiked below the $5,000 support level and formed a swing low above $4,900. Later, the price started a slow and steady recovery above the $5,000 and $5,050 resistance levels. The bulls even pushed the price above the $5,100 resistance and the 23.6% Fib retracement level of the last slide from the $5,509 high to $4,905 low. It opened the doors for more gains above the $5,150 level, but the price struggled to clear the $5,200 and $5,220 resistance levels. It seems like the 50% Fib retracement level of the last slide from the $5,509 high to $4,905 low is acting as a hurdle. Besides, the 100 hourly simple moving average is also acting as a key resistance near $5,220. More importantly, there is a major bearish trend line forming with resistance near $5,230 on the hourly chart of the BTC\/USD pair. Therefore, the price must break the $5,220 resistance, the trend line, and the 100 hourly SMA. A successful close above $5,250 is likely to start a decent upward move towards the $5,300 level. The next major resistance for the bulls is near the $5,380 level. On the other hand, if there is no upside break, the price may decline below $5,150. An initial support is near the $5,100 level, below which the next stop could be $5,050. Looking at the chart, bitcoin price is clearly trading near a crucial juncture below $5,220 and $5,250. If the bulls gain control above $5,220 and $5,250, there could be a decent extension towards the $5,380 resistance level. Conversely, a continuous struggle to clear $5,250 is likely to start a fresh decrease towards the $5,100 or $5,050 level in the near term. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving in the bullish zone, with a few positive signs. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD managed to move back above the 50 level. Major Support Levels \u2013 $5,150 followed by $5,100. Major Resistance Levels \u2013 $5,200, $5,220 and $5,250.<\/p>\n","protected":false},"author":67,"featured_media":344596,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-380081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Near Crucial Juncture: Can Bulls Gain Traction?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is facing a significant resistance against the US Dollar. 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Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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