{"id":497746,"date":"2022-08-05T03:08:31","date_gmt":"2022-08-05T03:08:31","guid":{"rendered":"https:\/\/wncen.com\/?p=497746"},"modified":"2024-06-11T14:22:13","modified_gmt":"2024-06-11T14:22:13","slug":"bitcoin-price-downtrend-24k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-downtrend-24k\/","title":{"rendered":"TA: Bitcoin Price Could Narrowly Avoid a Major Downtrend, Here\u2019s How"},"content":{"rendered":"<p><em>Bitcoin extended losses below the $22,650 support against the US Dollar. BTC is attempting another recovery and might face hurdles near $23,100.<\/em><\/p>\n<ul>\n<li>Bitcoin remained in a bearish zone and extended losses below the $23,500 level.<\/li>\n<li>The price is now trading below the $23,000 level and the 100 hourly simple moving average.<\/li>\n<li>There was a break above a short-term bearish trend line with resistance near $22,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair must clear the $23,100 resistance to start a steady increase in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Price Faces Resistance<\/h2>\n<p>Bitcoin price started a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-struggle-below-24k\/\" target=\"_blank\" rel=\"noopener \">fresh decline<\/a> after it faced sellers near the $23,570 level. The price gained bearish momentum after it broke the $23,000 support zone.<\/p>\n<p>It even traded below the $22,800 level and the 100 hourly simple moving average. Finally, there was a spike below the $22,650 level. However, downsides were limited and the price traded as low as $22,400. The price started a fresh recovery wave above the $22,800 resistance zone.<\/p>\n<p>Bitcoin cleared the 23.6% Fib retracement level of the downward move from the $23,570 swing high to $22,400 low. Besides, there was a break above a short-term bearish trend line with resistance near $22,850 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>It is now trading below the $23,000 level and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-could-drop-5-pc\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. On the upside, bitcoin price is facing resistance near the $23,000 level and the 100 hourly SMA.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-497747\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4.png?resize=1834%2C845\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4.png?w=1834 1834w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The 50% Fib retracement level of the downward move from the $23,570 swing high to $22,400 low is also near the $23,000 zone. The next key resistance is near the $23,300 zone. A close above the $23,500 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $23,500 resistance.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin fails to clear the $23,000 resistance zone and the 100 hourly SMA, it could continue to move down. An immediate support on the downside is near the $22,800 level.<\/p>\n<p>The next major support now sits near the $22,400 level. A close below the $22,400 level might start a move towards $22,000. Any more losses might send the price towards $21,200 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $22,800, followed by $22,400.<\/p>\n<p>Major Resistance Levels \u2013 $23,000, $23,300 and $24,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin extended losses below the $22,650 support against the US Dollar. BTC is attempting another recovery and might face hurdles near $23,100. Bitcoin remained in a bearish zone and extended losses below the $23,500 level. The price is now trading below the $23,000 level and the 100 hourly simple moving average. There was a break above a short-term bearish trend line with resistance near $22,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must clear the $23,100 resistance to start a steady increase in the near term. Bitcoin Price Faces Resistance Bitcoin price started a fresh decline after it faced sellers near the $23,570 level. The price gained bearish momentum after it broke the $23,000 support zone. It even traded below the $22,800 level and the 100 hourly simple moving average. Finally, there was a spike below the $22,650 level. However, downsides were limited and the price traded as low as $22,400. The price started a fresh recovery wave above the $22,800 resistance zone. Bitcoin cleared the 23.6% Fib retracement level of the downward move from the $23,570 swing high to $22,400 low. Besides, there was a break above a short-term bearish trend line with resistance near $22,850 on the hourly chart of the BTC\/USD pair. It is now trading below the $23,000 level and the 100 hourly simple moving average. On the upside, bitcoin price is facing resistance near the $23,000 level and the 100 hourly SMA. Source: BTCUSD on TradingView.com The 50% Fib retracement level of the downward move from the $23,570 swing high to $22,400 low is also near the $23,000 zone. The next key resistance is near the $23,300 zone. A close above the $23,500 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $23,500 resistance. More Losses in BTC? If bitcoin fails to clear the $23,000 resistance zone and the 100 hourly SMA, it could continue to move down. An immediate support on the downside is near the $22,800 level. The next major support now sits near the $22,400 level. A close below the $22,400 level might start a move towards $22,000. Any more losses might send the price towards $21,200 level. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $22,800, followed by $22,400. Major Resistance Levels \u2013 $23,000, $23,300 and $24,500.<\/p>\n","protected":false},"author":67,"featured_media":462714,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-497746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin Price Could Narrowly Avoid a Major Downtrend, Here\u2019s How<\/title>\n<meta name=\"description\" content=\"Bitcoin extended losses below the $22,650 support against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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":"TA: Bitcoin Price Could Narrowly Avoid a Major Downtrend, Here\u2019s How","url":"http:\/\/wncen.com\/news\/bitcoin-price-downtrend-24k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-downtrend-24k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_764448946.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_764448946.jpg?fit=1000%2C577"},"articleSection":"Cryptocurrency Market News","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","btcusd","btcusdt","xbtusd"],"dateCreated":"2022-08-05T03:08:31Z","datePublished":"2022-08-05T03:08:31Z","dateModified":"2024-06-11T14:22:13Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Price Could Narrowly Avoid a Major Downtrend, Here\\u2019s How\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-downtrend-24k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-downtrend-24k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_764448946.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_764448946.jpg?fit=1000%2C577\"},\"articleSection\":\"Cryptocurrency Market News\",\"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\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2022-08-05T03:08:31Z\",\"datePublished\":\"2022-08-05T03:08:31Z\",\"dateModified\":\"2024-06-11T14:22:13Z\"}<\/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\/2021\/04\/shutterstock_764448946.jpg?fit=1000%2C577","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/497746"}],"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=497746"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/497746\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/462714"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=497746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=497746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=497746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}