{"id":419479,"date":"2020-03-30T05:48:03","date_gmt":"2020-03-30T05:48:03","guid":{"rendered":"https:\/\/wncen.com\/?p=419479"},"modified":"2024-06-11T12:06:37","modified_gmt":"2024-06-11T12:06:37","slug":"bitcoin-recovering-after-a-sharp-decline","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-recovering-after-a-sharp-decline\/","title":{"rendered":"Bitcoin Recovering After a Sharp Decline: Here\u2019s Why Bulls Could Fail"},"content":{"rendered":"<p><em>Bitcoin declined sharply below the $6,200 support against the US Dollar. BTC price found support near $5,850 and it is currently recovering towards a couple of key hurdles.<\/em><\/p>\n<ul>\n<li>Bitcoin is correcting higher from the $5,846 swing low against the US Dollar.<\/li>\n<li>The price is showing positive signs above the $6,000 level, but there are many hurdles on the upside.<\/li>\n<li>There was a break above a key declining channel with resistance near $6,080 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to face a strong resistance near the $6,300 and $6,350 resistance levels.<\/li>\n<\/ul>\n<h2>Bitcoin Correcting Losses<\/h2>\n<p>Recently, there was a <a href=\"https:\/\/wncen.com\/2020\/03\/29\/100-sma-could-spark-fresh-bitcoin-rally\/\" target=\"_blank\" rel=\"noopener noreferrer \">steady decline<\/a> in bitcoin from well above the $6,500 support against the US Dollar. BTC price even broke the key $6,200 support area and the 100 hourly simple moving average.<\/p>\n<p>The bears were able to push the price below the $6,000 support area. The price traded as low as $6,846 and it is currently correcting higher. There was a strong recovery wave above the $5,950 and $6,000 levels.<\/p>\n<p>Bitcoin surpassed the 23.6% Fib retracement level of the downward move from the $6,875 high to $5,846 low. Moreover, there was a break above a key declining channel with resistance near $6,080 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a> of the BTC\/USD pair.<\/p>\n<figure id=\"attachment_419480\" aria-describedby=\"caption-attachment-419480\" style=\"width: 1941px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-25.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-419480\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-25.png?resize=1941%2C1141\" alt=\"Bitcoin Price\" width=\"1941\" height=\"1141\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-25.png?w=1941 1941w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-25.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-25.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-25.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-25.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-25.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-25.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-419480\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>The pair is now trading near the $6,200 resistance area (the previous support). On the upside, there are many key hurdles, starting with $6,300. The main resistance is near the $6,350 level and the 100 hourly simple moving average.<\/p>\n<p>The 50% Fib retracement level of the downward move from the $6,875 high to $5,846 low is also near the $6,360 level to act as a key hurdle for the bulls.<\/p>\n<p>If the bulls gain pace above the $6,300 and $6,350 resistance levels, there are chances of a steady rise in the coming sessions. The next major resistance is near the $6,500 and $6,650 levels.<\/p>\n<h2>Limited Recovery<\/h2>\n<p>If bitcoin fails to continue above the $6,200 and $6,300 resistance levels, it could start a fresh decline. An initial support on the downside is near the $6,000 and $5,950 levels.<\/p>\n<p>The main support is now near the $5,850 level, below which there is a risk of a larger decline in the coming sessions.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently gaining momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is rising and it is back above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $6,000 followed by $5,950.<\/p>\n<p>Major Resistance Levels \u2013 $6,200, $6,300 and $6,350.<\/p>\n<p><a href=\"https:\/\/www.plus500.com\/?id=121277&amp;pl=2\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Take advantage of the trading opportunities with Plus500<\/a><\/p>\n<p>Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin declined sharply below the $6,200 support against the US Dollar. BTC price found support near $5,850 and it is currently recovering towards a couple of key hurdles. Bitcoin is correcting higher from the $5,846 swing low against the US Dollar. The price is showing positive signs above the $6,000 level, but there are many hurdles on the upside. There was a break above a key declining channel with resistance near $6,080 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to face a strong resistance near the $6,300 and $6,350 resistance levels. Bitcoin Correcting Losses Recently, there was a steady decline in bitcoin from well above the $6,500 support against the US Dollar. BTC price even broke the key $6,200 support area and the 100 hourly simple moving average. The bears were able to push the price below the $6,000 support area. The price traded as low as $6,846 and it is currently correcting higher. There was a strong recovery wave above the $5,950 and $6,000 levels. Bitcoin surpassed the 23.6% Fib retracement level of the downward move from the $6,875 high to $5,846 low. Moreover, there was a break above a key declining channel with resistance near $6,080 on the hourly chart of the BTC\/USD pair. The pair is now trading near the $6,200 resistance area (the previous support). On the upside, there are many key hurdles, starting with $6,300. The main resistance is near the $6,350 level and the 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the $6,875 high to $5,846 low is also near the $6,360 level to act as a key hurdle for the bulls. If the bulls gain pace above the $6,300 and $6,350 resistance levels, there are chances of a steady rise in the coming sessions. The next major resistance is near the $6,500 and $6,650 levels. Limited Recovery If bitcoin fails to continue above the $6,200 and $6,300 resistance levels, it could start a fresh decline. An initial support on the downside is near the $6,000 and $5,950 levels. The main support is now near the $5,850 level, below which there is a risk of a larger decline in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is currently gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is rising and it is back above the 50 level. Major Support Levels \u2013 $6,000 followed by $5,950. Major Resistance Levels \u2013 $6,200, $6,300 and $6,350. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"author":67,"featured_media":412913,"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":[428,1119,1144],"class_list":["post-419479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Recovering After a Sharp Decline: Here\u2019s Why Bulls Could Fail<\/title>\n<meta name=\"description\" content=\"Bitcoin declined sharply below the $6,200 support. 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