{"id":555058,"date":"2023-10-12T03:13:20","date_gmt":"2023-10-12T03:13:20","guid":{"rendered":"https:\/\/wncen.com\/?p=555058"},"modified":"2024-06-11T13:02:04","modified_gmt":"2024-06-11T13:02:04","slug":"bitcoin-bears-turns-the-tide-26500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bears-turns-the-tide-26500\/","title":{"rendered":"Bitcoin Bears Turn The Tide As Risk of More Downsides Escalate"},"content":{"rendered":"<p><em>Bitcoin price is sliding and trading below $27,000. BTC is still at risk of more downsides below the $26,500 and $26,200 support levels.<\/em><\/p>\n<ul>\n<li>Bitcoin is moving lower and showing bearish signs below $27,000.<\/li>\n<li>The price is trading below $27,000 and the 100 hourly Simple moving average.<\/li>\n<li>There are two bearish trend lines forming with resistance near $26,950 and $27,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could continue to move down toward the $26,000 support in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Price Extends Losses<\/h2>\n<p>Bitcoin price struggled to start a recovery wave above the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-slides-bombs-gaza-israel\/\" target=\"_blank\" rel=\"noopener \">$27,500 resistance<\/a>. BTC remained in a bearish zone and declined further below the $27,000 level.<\/p>\n<p>There was a drop below the $26,800 level and the price tested the $26,500 support. A low is formed near $26,551 and the price is again attempting a recovery wave. There was a minor increase above the $26,800 level. However, the price is still facing many hurdles.<\/p>\n<p>Bitcoin is now trading below $27,000 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-holds-strong-27200\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. There are also two bearish trend lines forming with resistance near $26,950 and $27,400 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Immediate resistance is near the $26,950 level and the first trend line. It is close to the 23.6% Fib retracement level of the downward move from the $28,284 swing high to the $26,551 low. The next key resistance could be near the $27,400 level and second the trend line.<\/p>\n<p>The second trend line is near the 50% Fib retracement level of the downward move from the $28,284 swing high to the $26,551 low. The first major resistance is $27,500 and the 100 hourly Simple moving average, above which Bitcoin might test $27,800.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-8.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-555059\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-8.png?resize=1024%2C468\" alt=\"Bitcoin Price \" width=\"1024\" height=\"468\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-8.png?w=1835 1835w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-8.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-8.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-8.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-8.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-8.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-8.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/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 main hurdle is still $28,500. A close above the $28,500 resistance could start another increase. In the stated case, the price could rise toward the $30,000 resistance.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to recover higher above the $27,000 resistance, there could be more losses. Immediate support on the downside is near the $26,650 level.<\/p>\n<p>The next major support is near the $26,500 level. A downside break and close below the $26,500 support might send the price further lower. The next support sits at $26,000.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing 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 $26,650, followed by $26,500.<\/p>\n<p>Major Resistance Levels \u2013 $27,000, $27,400, and $27,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is sliding and trading below $27,000. BTC is still at risk of more downsides below the $26,500 and $26,200 support levels. Bitcoin is moving lower and showing bearish signs below $27,000. The price is trading below $27,000 and the 100 hourly Simple moving average. There are two bearish trend lines forming with resistance near $26,950 and $27,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could continue to move down toward the $26,000 support in the near term. Bitcoin Price Extends Losses Bitcoin price struggled to start a recovery wave above the $27,500 resistance. BTC remained in a bearish zone and declined further below the $27,000 level. There was a drop below the $26,800 level and the price tested the $26,500 support. A low is formed near $26,551 and the price is again attempting a recovery wave. There was a minor increase above the $26,800 level. However, the price is still facing many hurdles. Bitcoin is now trading below $27,000 and the 100 hourly Simple moving average. There are also two bearish trend lines forming with resistance near $26,950 and $27,400 on the hourly chart of the BTC\/USD pair. Immediate resistance is near the $26,950 level and the first trend line. It is close to the 23.6% Fib retracement level of the downward move from the $28,284 swing high to the $26,551 low. The next key resistance could be near the $27,400 level and second the trend line. The second trend line is near the 50% Fib retracement level of the downward move from the $28,284 swing high to the $26,551 low. The first major resistance is $27,500 and the 100 hourly Simple moving average, above which Bitcoin might test $27,800. Source: BTCUSD on TradingView.com The main hurdle is still $28,500. A close above the $28,500 resistance could start another increase. In the stated case, the price could rise toward the $30,000 resistance. More Losses In BTC? If Bitcoin fails to recover higher above the $27,000 resistance, there could be more losses. Immediate support on the downside is near the $26,650 level. The next major support is near the $26,500 level. A downside break and close below the $26,500 support might send the price further lower. The next support sits at $26,000. Technical indicators: Hourly MACD \u2013 The MACD is now losing 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 $26,650, followed by $26,500. Major Resistance Levels \u2013 $27,000, $27,400, and $27,500.<\/p>\n","protected":false},"author":67,"featured_media":462606,"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-555058","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 Bears Turn The Tide As Risk of More Downsides Escalate<\/title>\n<meta name=\"description\" content=\"Bitcoin price is sliding and trading below $27,000. 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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. 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