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{"id":412035,"date":"2020-01-23T05:22:23","date_gmt":"2020-01-23T05:22:23","guid":{"rendered":"https:\/\/wncen.com\/?p=412035"},"modified":"2024-06-11T13:40:54","modified_gmt":"2024-06-11T13:40:54","slug":"bitcoin-bulls-struggle-trigger-sharp-decline","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bulls-struggle-trigger-sharp-decline\/","title":{"rendered":"Do or Die For Bitcoin Bulls: Here\u2019s What Could Trigger A Sharp Decline 2020-01-23"},"content":{"rendered":"

Bitcoin bulls are facing an uphill task near $8,700 and $8,800 against the US Dollar. BTC price could either rally above $8,800 or decline heavily below $8,470 in the coming sessions.<\/em><\/p>\n

\n
Bitcoin is showing a few bearish signs after it was rejected near $8,800.<\/li>\n
The price is currently sliding and it is approaching the key $8,560 and $8,470 support levels.<\/li>\n
There is a major bearish trend line forming with resistance near $8,640 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could either start a fresh increase above $8,800 or decline heavily below $8,470.<\/li>\n<\/ul>\n
Bitcoin Price Could Slide Below $8,470<\/h2>\n
In the past couple of analyses, we discussed the importance of the $8,800 resistance<\/a> for bitcoin against the US Dollar. Recently, BTC price tested the $8,800 resistance, but it failed to continue higher.<\/p>\n
A high was formed near $8,800 and the price started declining. It traded below the $8,700 and $8,650 levels. Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $8,335 low to $8,800 high.<\/p>\n
Bitcoin price even settled below the $8,640 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $8,640 on the hourly chart<\/a> of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
It is now testing the $8,560 support, and the 50% Fib retracement level of the upward move from the $8,335 low to $8,800 high. If there is a break below the $8,560 support, the next important support and the last line of defense<\/strong> is near the $8,470 level.<\/p>\n
If the bears are able to push the price below $8,470, it is likely to start a substantial decline in the coming session. In the mentioned bearish scenario, bitcoin may perhaps decline towards the $8,200 support level. Any further losses could lead the price towards the $8,000 support.<\/p>\n
Bullish Case For BTC<\/h2>\nIf BTC bulls are able to protect the $8,470 support area<\/a>, the price could climb higher. The first hurdle is near the trend line at $8,640, followed by the 100 hourly SMA at $8,700.<\/p>\n
The main resistance is still near the $8,800 and $8,810 levels. Bitcoin must gain strength above the $8,800 resistance area to start a convincing upward move. The next bullish targets could be $9,200 and $9,250.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly gaining momentum in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently sliding and it is well below the 50 level.<\/p>\n
Major Support Levels \u2013 $8,560 followed by $8,470.<\/p>\n
Major Resistance Levels \u2013 $8,640, $8,700 and $8,800.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin bulls are facing an uphill task near $8,700 and $8,800 against the US Dollar. BTC price could either rally above $8,800 or decline heavily below $8,470 in the coming sessions. Bitcoin is showing a few bearish signs after it was rejected near $8,800. The price is currently sliding and it is approaching the key $8,560 and $8,470 support levels. There is a major bearish trend line forming with resistance near $8,640 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could either start a fresh increase above $8,800 or decline heavily below $8,470. Bitcoin Price Could Slide Below $8,470 In the past couple of analyses, we discussed the importance of the $8,800 resistance for bitcoin against the US Dollar. Recently, BTC price tested the $8,800 resistance, but it failed to continue higher. A high was formed near $8,800 and the price started declining. It traded below the $8,700 and $8,650 levels. Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $8,335 low to $8,800 high. Bitcoin price even settled below the $8,640 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $8,640 on the hourly chart of the BTC\/USD pair. It is now testing the $8,560 support, and the 50% Fib retracement level of the upward move from the $8,335 low to $8,800 high. If there is a break below the $8,560 support, the next important support and the last line of defense is near the $8,470 level. If the bears are able to push the price below $8,470, it is likely to start a substantial decline in the coming session. In the mentioned bearish scenario, bitcoin may perhaps decline towards the $8,200 support level. Any further losses could lead the price towards the $8,000 support. Bullish Case For BTC If BTC bulls are able to protect the $8,470 support area, the price could climb higher. The first hurdle is near the trend line at $8,640, followed by the 100 hourly SMA at $8,700. The main resistance is still near the $8,800 and $8,810 levels. Bitcoin must gain strength above the $8,800 resistance area to start a convincing upward move. The next bullish targets could be $9,200 and $9,250. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently sliding and it is well below the 50 level. Major Support Levels \u2013 $8,560 followed by $8,470. Major Resistance Levels \u2013 $8,640, $8,700 and $8,800.<\/p>\n","protected":false},"author":67,"featured_media":412037,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119],"class_list":["post-412035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\nDo or Die For Bitcoin Bulls: Here\u2019s What Could Trigger A Sharp Decline 2020-01-23<\/title>\n<meta name=\"description\" content=\"Bitcoin bulls are facing an uphill task near $8,700 and $8,800. 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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. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Do or Die For Bitcoin Bulls: Here\u2019s What Could Trigger A Sharp Decline 2020-01-23","url":"http:\/\/wncen.com\/news\/bitcoin-bulls-struggle-trigger-sharp-decline\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-bulls-struggle-trigger-sharp-decline\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/shutterstock_759711928.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/shutterstock_759711928.jpg?fit=1000%2C562"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc"],"dateCreated":"2020-01-23T05:22:23Z","datePublished":"2020-01-23T05:22:23Z","dateModified":"2024-06-11T13:40:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Do or Die For Bitcoin Bulls: Here\\u2019s What Could Trigger A Sharp Decline 2020-01-23\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bulls-struggle-trigger-sharp-decline\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bulls-struggle-trigger-sharp-decline\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/shutterstock_759711928.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/shutterstock_759711928.jpg?fit=1000%2C562\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\"],\"dateCreated\":\"2020-01-23T05:22:23Z\",\"datePublished\":\"2020-01-23T05:22:23Z\",\"dateModified\":\"2024-06-11T13:40:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/shutterstock_759711928.jpg?fit=1000%2C562","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/412035"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=412035"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/412035\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/412037"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=412035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=412035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=412035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}