{"id":547427,"date":"2023-08-16T03:54:35","date_gmt":"2023-08-16T03:54:35","guid":{"rendered":"https:\/\/wncen.com\/?p=547427"},"modified":"2024-06-11T10:42:15","modified_gmt":"2024-06-11T10:42:15","slug":"bitcoin-price-losses-29000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-losses-29000\/","title":{"rendered":"Bitcoin Price Key Indicators Suggest A Strong Case For More Losses"},"content":{"rendered":"<p><em>Bitcoin price moving lower below the $29,500 zone. BTC remains at risk of more downsides below the $29,000 support zone.<\/em><\/p>\n<ul>\n<li>Bitcoin is still trading well below the $29,650 resistance zone.<\/li>\n<li>The price is trading below $29,300 and the 100 hourly Simple moving average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance near $29,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could continue to move down and break the $29,000 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Turns Red<\/h2>\n<p>Bitcoin price failed to start a recovery wave above the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-muted-29650\/\" target=\"_blank\" rel=\"noopener \">$29,500 resistance zone<\/a>. BTC started another decline from the $29,450 swing high. There was a clear move below the $29,250 level.<\/p>\n<p>The price retested the $29,100 support zone. A low is formed near $29,075 and the price is now consolidating losses. It is trading above the 23.6% Fib retracement level of the recent decline from the $29,450 swing high to the $29,075 low.<\/p>\n<p>Bitcoin is now trading below $29,300 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-grinds-lower-29k\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance near $29,250 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Immediate resistance is near the $29,250 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $29,450 swing high to the $29,075 low. The next major resistance is near $29,360 and the 100 hourly Simple moving average.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-547428\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-8.png?resize=1024%2C468\" alt=\"Bitcoin Price\" width=\"1024\" height=\"468\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-8.png?w=1835 1835w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-8.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-8.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-8.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-8.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-8.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-8.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/p>\n<p>The first major resistance is now forming near the $29,500 level. The main resistance is still near $29,650. A close above the $29,650 resistance could start a decent increase toward the $30,000 resistance zone. Any more gains might set the pace for a larger increase toward $30,500.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to clear the $29,360 resistance, it could continue to move down. Immediate support on the downside is near the $29,100 zone.<\/p>\n<p>The next major support is near the $29,000 level. A downside break below the $29,000 level might start another steady decline. In the stated case, the price could drop toward $28,400.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $29,100, followed by $29,000.<\/p>\n<p>Major Resistance Levels \u2013 $29,250, $29,360, and $29,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price moving lower below the $29,500 zone. BTC remains at risk of more downsides below the $29,000 support zone. Bitcoin is still trading well below the $29,650 resistance zone. The price is trading below $29,300 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance near $29,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could continue to move down and break the $29,000 support zone. Bitcoin Price Turns Red Bitcoin price failed to start a recovery wave above the $29,500 resistance zone. BTC started another decline from the $29,450 swing high. There was a clear move below the $29,250 level. The price retested the $29,100 support zone. A low is formed near $29,075 and the price is now consolidating losses. It is trading above the 23.6% Fib retracement level of the recent decline from the $29,450 swing high to the $29,075 low. Bitcoin is now trading below $29,300 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance near $29,250 on the hourly chart of the BTC\/USD pair. Immediate resistance is near the $29,250 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $29,450 swing high to the $29,075 low. The next major resistance is near $29,360 and the 100 hourly Simple moving average. Source: BTCUSD on TradingView.com The first major resistance is now forming near the $29,500 level. The main resistance is still near $29,650. A close above the $29,650 resistance could start a decent increase toward the $30,000 resistance zone. Any more gains might set the pace for a larger increase toward $30,500. More Losses In BTC? If Bitcoin fails to clear the $29,360 resistance, it could continue to move down. Immediate support on the downside is near the $29,100 zone. The next major support is near the $29,000 level. A downside break below the $29,000 level might start another steady decline. In the stated case, the price could drop toward $28,400. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $29,100, followed by $29,000. Major Resistance Levels \u2013 $29,250, $29,360, and $29,500.<\/p>\n","protected":false},"author":67,"featured_media":461913,"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":[428,679,1144,78790,76835],"class_list":["post-547427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Key Indicators Suggest A Strong Case For More Losses<\/title>\n<meta name=\"description\" content=\"Bitcoin price moving lower below the $29,500 zone. 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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":"Bitcoin Price Key Indicators Suggest A Strong Case For More Losses","url":"http:\/\/wncen.com\/news\/bitcoin-price-losses-29000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-losses-29000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_649342378.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_649342378.jpg?fit=1000%2C667"},"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","bitcoin price","btcusd","btcusdt","xbtusd"],"dateCreated":"2023-08-16T03:54:35Z","datePublished":"2023-08-16T03:54:35Z","dateModified":"2024-06-11T10:42:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Key Indicators Suggest A Strong Case For More Losses\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-losses-29000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-losses-29000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_649342378.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_649342378.jpg?fit=1000%2C667\"},\"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\",\"bitcoin price\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2023-08-16T03:54:35Z\",\"datePublished\":\"2023-08-16T03:54:35Z\",\"dateModified\":\"2024-06-11T10:42:15Z\"}<\/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_649342378.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/547427"}],"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=547427"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/547427\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/461913"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=547427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=547427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=547427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}