{"id":551866,"date":"2023-09-19T03:13:16","date_gmt":"2023-09-19T03:13:16","guid":{"rendered":"https:\/\/wncen.com\/?p=551866"},"modified":"2024-06-11T14:29:23","modified_gmt":"2024-06-11T14:29:23","slug":"bitcoin-price-propel-to-28k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-propel-to-28k\/","title":{"rendered":"Bitcoin Price Sees Technical Correction, Here\u2019s What Could Propel It Back To $28K"},"content":{"rendered":"<p><em>Bitcoin price climbed higher and tested the $27,500 resistance. BTC is correcting gains, but it could start another increase unless there is a move below $26,500.<\/em><\/p>\n<ul>\n<li>Bitcoin is holding gains above the $26,500 support level.<\/li>\n<li>The price is trading above $26,550 and the 100 hourly Simple moving average.<\/li>\n<li>There is a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start another increase if it stays above the $26,500 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Eyes Another Increase<\/h2>\n<p>Bitcoin price remained in a positive zone above the $26,200 resistance zone. BTC started a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-holds-strong-26200\/\" target=\"_blank\" rel=\"noopener \">fresh increase<\/a> and cleared the $26,500 resistance zone.<\/p>\n<p>There was a strong push above the $27,000 level before the bears appeared near $27,500. A high was formed near $27,468 and the price recently corrected gains. There was a drop below the $27,000 level. The price declined below the 50% Fib retracement level of the upward move from the $26,412 swing low to the $27,468 high.<\/p>\n<p>Bitcoin is now trading above $26,550 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-bulls-keep-pushing-26850\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The price is now holding the 76.4% Fib retracement level of the upward move from the $26,412 swing low to the $27,468 high. It is consolidating gains and might eye a fresh increase. Immediate resistance on the upside is near the $26,950 level.<\/p>\n<p>The first major resistance is near the $27,500 zone, above which the price could gain pace. The next key resistance could be near the $28,200 level. A clear move above the $28,200 resistance could send the price toward the $29,000 resistance.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-551867\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-12.png?resize=1024%2C468\" alt=\"Bitcoin Price\" width=\"1024\" height=\"468\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-12.png?w=1835 1835w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-12.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-12.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-12.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-12.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-12.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-12.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 next major resistance is near $29,500, above which the bulls could gain strength. In the stated case, the price could test the $30,000 level.<\/p>\n<h2>More Downsides In BTC?<\/h2>\n<p>If Bitcoin fails to start a fresh increase above the $26,950 resistance, it could continue to move lower. Immediate support on the downside is near the $26,600 level and the trend line.<\/p>\n<p>The next major support is near the $26,500 level. A downside break and close below the $26,500 level might send the price toward the next support at $26,000.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n<p>Major Support Levels \u2013 $26,600, followed by $26,500.<\/p>\n<p>Major Resistance Levels \u2013 $26,950, $27,200, and $27,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price climbed higher and tested the $27,500 resistance. BTC is correcting gains, but it could start another increase unless there is a move below $26,500. Bitcoin is holding gains above the $26,500 support level. The price is trading above $26,550 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $26,500 support zone. Bitcoin Price Eyes Another Increase Bitcoin price remained in a positive zone above the $26,200 resistance zone. BTC started a fresh increase and cleared the $26,500 resistance zone. There was a strong push above the $27,000 level before the bears appeared near $27,500. A high was formed near $27,468 and the price recently corrected gains. There was a drop below the $27,000 level. The price declined below the 50% Fib retracement level of the upward move from the $26,412 swing low to the $27,468 high. Bitcoin is now trading above $26,550 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC\/USD pair. The price is now holding the 76.4% Fib retracement level of the upward move from the $26,412 swing low to the $27,468 high. It is consolidating gains and might eye a fresh increase. Immediate resistance on the upside is near the $26,950 level. The first major resistance is near the $27,500 zone, above which the price could gain pace. The next key resistance could be near the $28,200 level. A clear move above the $28,200 resistance could send the price toward the $29,000 resistance. Source: BTCUSD on TradingView.com The next major resistance is near $29,500, above which the bulls could gain strength. In the stated case, the price could test the $30,000 level. More Downsides In BTC? If Bitcoin fails to start a fresh increase above the $26,950 resistance, it could continue to move lower. Immediate support on the downside is near the $26,600 level and the trend line. The next major support is near the $26,500 level. A downside break and close below the $26,500 level might send the price toward the next support at $26,000. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level. Major Support Levels \u2013 $26,600, followed by $26,500. Major Resistance Levels \u2013 $26,950, $27,200, and $27,500.<\/p>\n","protected":false},"author":67,"featured_media":453392,"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-551866","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 Sees Technical Correction, Here\u2019s What Could Propel It Back To $28K<\/title>\n<meta name=\"description\" content=\"Bitcoin price climbed higher and tested the $27,500 resistance. 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