{"id":555471,"date":"2023-10-16T03:23:30","date_gmt":"2023-10-16T03:23:30","guid":{"rendered":"https:\/\/wncen.com\/?p=555471"},"modified":"2024-06-11T14:30:08","modified_gmt":"2024-06-11T14:30:08","slug":"bitcoin-price-correction-27500-2","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-correction-27500-2\/","title":{"rendered":"Bitcoin Price Hints At Potential Correction, But Can BTC Clear This Hurdle?"},"content":{"rendered":"<p><em>Bitcoin price started an upside correction from the $26,550 zone. BTC is rising and facing a strong resistance near the $27,300 and $27,500 levels.<\/em><\/p>\n<ul>\n<li>Bitcoin managed to recover above the $27,000 resistance zone.<\/li>\n<li>The price is trading above $27,000 and the 100 hourly Simple moving average.<\/li>\n<li>There was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is showing signs of a recovery, but it could struggle near $27,300 and $27,500.<\/li>\n<\/ul>\n<h2>Bitcoin Price Attempts Fresh Recovery<\/h2>\n<p>Bitcoin price found <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-holds-ground-26500\/\" target=\"_blank\" rel=\"noopener \">support near the $26,550 level<\/a>. BTC bears attempted to clear $26,550, but they failed. As a result, the price started an upside correction above the $26,800 resistance.<\/p>\n<p>There was a move above the 23.6% Fib retracement level of the downward move from the $28,285 swing high to the $26,550 low. Besides, there was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Bitcoin is now trading above $27,000 and the 100 hourly Simple moving average. It seems like the price is facing a strong resistance near the $27,300 level.<\/p>\n<p>The <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-bears-turns-the-tide-26500\/\" target=\"_blank\" rel=\"noopener \">next key resistance could be near $27,500<\/a> or the 61.8% Fib retracement level of the downward move from the $28,285 swing high to the $26,550 low. A clear move above the $27,500 and $27,650 resistance levels could set the pace for a larger increase.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-10.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-555472\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-10.png?resize=1024%2C468\" alt=\"Bitcoin Price\" width=\"1024\" height=\"468\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-10.png?w=1835 1835w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-10.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-10.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-10.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-10.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-10.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-10.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 next key resistance could be $28,000. A close above the $28,000 resistance might start a steady increase toward the $28,500 level. Any more gains might send BTC toward the $29,200 level.<\/p>\n<h2>Another Decline In BTC?<\/h2>\n<p>If Bitcoin fails to recover higher above the $27,500 resistance, there could be a fresh decline. Immediate support on the downside is near the $27,000 level and the trend line zone.<\/p>\n<p>The next major support is near the $26,900 level and the 100 hourly Simple moving average. A downside break and close below the $26,900 support might send the price further lower. The next support sits at $26,550.<\/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 above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $27,000, followed by $26,900.<\/p>\n<p>Major Resistance Levels \u2013 $27,300, $27,500, and $27,650.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started an upside correction from the $26,550 zone. BTC is rising and facing a strong resistance near the $27,300 and $27,500 levels. Bitcoin managed to recover above the $27,000 resistance zone. The price is trading above $27,000 and the 100 hourly Simple moving average. There was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is showing signs of a recovery, but it could struggle near $27,300 and $27,500. Bitcoin Price Attempts Fresh Recovery Bitcoin price found support near the $26,550 level. BTC bears attempted to clear $26,550, but they failed. As a result, the price started an upside correction above the $26,800 resistance. There was a move above the 23.6% Fib retracement level of the downward move from the $28,285 swing high to the $26,550 low. Besides, there was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC\/USD pair. Bitcoin is now trading above $27,000 and the 100 hourly Simple moving average. It seems like the price is facing a strong resistance near the $27,300 level. The next key resistance could be near $27,500 or the 61.8% Fib retracement level of the downward move from the $28,285 swing high to the $26,550 low. A clear move above the $27,500 and $27,650 resistance levels could set the pace for a larger increase. Source: BTCUSD on TradingView.com The next key resistance could be $28,000. A close above the $28,000 resistance might start a steady increase toward the $28,500 level. Any more gains might send BTC toward the $29,200 level. Another Decline In BTC? If Bitcoin fails to recover higher above the $27,500 resistance, there could be a fresh decline. Immediate support on the downside is near the $27,000 level and the trend line zone. The next major support is near the $26,900 level and the 100 hourly Simple moving average. A downside break and close below the $26,900 support might send the price further lower. The next support sits at $26,550. 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 above the 50 level. Major Support Levels \u2013 $27,000, followed by $26,900. Major Resistance Levels \u2013 $27,300, $27,500, and $27,650.<\/p>\n","protected":false},"author":67,"featured_media":460413,"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-555471","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 Hints At Potential Correction, But Can BTC Clear This Hurdle?<\/title>\n<meta name=\"description\" content=\"Bitcoin price started an upside correction from the $26,550 zone. 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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":"Bitcoin Price Hints At Potential Correction, But Can BTC Clear This Hurdle?","url":"http:\/\/wncen.com\/news\/bitcoin-price-correction-27500-2\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-correction-27500-2\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_144640304.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_144640304.jpg?fit=1000%2C664"},"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":"2023-10-16T03:23:30Z","datePublished":"2023-10-16T03:23:30Z","dateModified":"2024-06-11T14:30:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Hints At Potential Correction, But Can BTC Clear This Hurdle?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-correction-27500-2\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-correction-27500-2\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_144640304.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_144640304.jpg?fit=1000%2C664\"},\"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\":\"2023-10-16T03:23:30Z\",\"datePublished\":\"2023-10-16T03:23:30Z\",\"dateModified\":\"2024-06-11T14:30:08Z\"}<\/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_144640304.jpg?fit=1000%2C664","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/555471"}],"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=555471"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/555471\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/460413"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=555471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=555471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=555471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}