{"id":383573,"date":"2019-05-24T06:00:25","date_gmt":"2019-05-24T06:00:25","guid":{"rendered":"https:\/\/wncen.com\/?p=383573"},"modified":"2024-06-11T13:40:18","modified_gmt":"2024-06-11T13:40:18","slug":"bitcoin-btc-price-facing-uphill-task","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-facing-uphill-task\/","title":{"rendered":"Bitcoin (BTC) Price Facing Uphill Task: Another Dip Before Higher?"},"content":{"rendered":"<ul>\n<li>Bitcoin price declined recently and tested the key $7,500 support area against the US Dollar.<\/li>\n<li>The price rebounded and traded above the $7,780 and $7,850 resistance levels.<\/li>\n<li>Yesterday\u2019s highlighted key declining channel is acting as a barrier near $7,980 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could drop once again towards the $7,720 support area before it starts a fresh increase.<\/li>\n<\/ul>\n<p><em>Bitcoin price rebounded nicely above $7,700 and $7,850 against the US Dollar. However, BTC is facing a strong resistance and it could decline again before the bulls take control.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/wncen.com\/2019\/05\/23\/bitcoin-btc-price-uptrend-pauses-but-not-out-of-woods-yet\/\" target=\"_blank\" rel=\"noopener noreferrer \">major downside correction<\/a> in bitcoin price below the $7,850 support against the US Dollar. The BTC\/USD pair traded below the $7,720 support level and the 100 hourly simple moving average. Besides, it broke the key $7,660 support and tested the $7,500 support area. A swing low was formed at $7,475 and the price recently rebounded nicely above $7,660. The bulls pushed the price above the $7,720 and $7,850 resistance levels.<\/p>\n<p>However, it seems like the price is struggling to <a href=\"https:\/\/wncen.com\/2019\/05\/22\/bitcoin-btc-price-trading-sideways-bulls-eyeing-fresh-increase\/\" target=\"_blank\" rel=\"noopener noreferrer \">gain momentum above $7,950 and $8,000<\/a>. Moreover, yesterday\u2019s highlighted key declining channel is acting as a barrier near $7,980 on the hourly chart of the BTC\/USD pair. The recent high was at $7,994 and the price is currently moving lower. An immediate support is near $7,800, below which the price could test the 50% Fib retracement level of the upward move from the $7,475 low to $7,994 high. The current price action indicates that the price is facing a strong resistance near $7,980 and $8,000.<\/p>\n<p>If there is a successful close above $8,000, the price could start a solid rise towards the $8,200 and $8,300 resistance levels. Conversely, there is a risk of another drop below $7,800. The main support is near $7,670, and the 61.8% Fib retracement level of the upward move from the $7,475 low to $7,994 high.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-383574\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price rebounded nicely from the $7,475 level. However, the $8,000 barrier stopped upsides and it might start a fresh decline below $7,800. Once the current correction is complete near $7,670 or $7,600, the price is likely to climb back sharply. In the mentioned case, the price may perhaps surpass the $8,000 resistance. The next key resistances on the upside are near $8,200, $8,300 and $8,500.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is about to move back in the bearish zone, with a few negative signs.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently moving lower and it could test the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,670 followed by $7,600.<\/p>\n<p>Major Resistance Levels \u2013 $7,950, $7,980 and $8,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price declined recently and tested the key $7,500 support area against the US Dollar. The price rebounded and traded above the $7,780 and $7,850 resistance levels. Yesterday\u2019s highlighted key declining channel is acting as a barrier near $7,980 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could drop once again towards the $7,720 support area before it starts a fresh increase. Bitcoin price rebounded nicely above $7,700 and $7,850 against the US Dollar. However, BTC is facing a strong resistance and it could decline again before the bulls take control. Bitcoin Price Analysis Yesterday, we saw a major downside correction in bitcoin price below the $7,850 support against the US Dollar. The BTC\/USD pair traded below the $7,720 support level and the 100 hourly simple moving average. Besides, it broke the key $7,660 support and tested the $7,500 support area. A swing low was formed at $7,475 and the price recently rebounded nicely above $7,660. The bulls pushed the price above the $7,720 and $7,850 resistance levels. However, it seems like the price is struggling to gain momentum above $7,950 and $8,000. Moreover, yesterday\u2019s highlighted key declining channel is acting as a barrier near $7,980 on the hourly chart of the BTC\/USD pair. The recent high was at $7,994 and the price is currently moving lower. An immediate support is near $7,800, below which the price could test the 50% Fib retracement level of the upward move from the $7,475 low to $7,994 high. The current price action indicates that the price is facing a strong resistance near $7,980 and $8,000. If there is a successful close above $8,000, the price could start a solid rise towards the $8,200 and $8,300 resistance levels. Conversely, there is a risk of another drop below $7,800. The main support is near $7,670, and the 61.8% Fib retracement level of the upward move from the $7,475 low to $7,994 high. Looking at the chart, bitcoin price rebounded nicely from the $7,475 level. However, the $8,000 barrier stopped upsides and it might start a fresh decline below $7,800. Once the current correction is complete near $7,670 or $7,600, the price is likely to climb back sharply. In the mentioned case, the price may perhaps surpass the $8,000 resistance. The next key resistances on the upside are near $8,200, $8,300 and $8,500. Technical indicators: Hourly MACD \u2013 The MACD is about to move back in the bearish zone, with a few negative signs. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently moving lower and it could test the 50 level. Major Support Levels \u2013 $7,670 followed by $7,600. Major Resistance Levels \u2013 $7,950, $7,980 and $8,000.<\/p>\n","protected":false},"author":67,"featured_media":344595,"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-383573","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 Facing Uphill Task: Another Dip Before Higher?<\/title>\n<meta name=\"description\" content=\"Bitcoin price rebounded nicely above $7,700 and $7,850 against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. 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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