{"id":525084,"date":"2023-03-31T02:22:03","date_gmt":"2023-03-31T02:22:03","guid":{"rendered":"https:\/\/wncen.com\/?p=525084"},"modified":"2024-06-11T08:28:55","modified_gmt":"2024-06-11T08:28:55","slug":"bitcoin-price-shows-signs-of-weakness-but-key-uptrend-support-intact","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-shows-signs-of-weakness-but-key-uptrend-support-intact\/","title":{"rendered":"Bitcoin Price Shows Signs of Weakness But Key Uptrend Support Intact"},"content":{"rendered":"<p><em>Bitcoin price spiked higher above the $29,000 level. BTC corrected lower and is currently consolidating above the $28,000 pivot level.<\/em><\/p>\n<ul>\n<li>Bitcoin gained pace above the $28,500 resistance but upsides were limited.<\/li>\n<li>The price is trading above $28,000 and the 100 hourly simple moving average.<\/li>\n<li>There is a key bullish trend line forming with support near $27,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start another increase unless there is a clear move below the $27,650 support.<\/li>\n<\/ul>\n<h2>Bitcoin Price Fails To Retain Gains<\/h2>\n<p>Bitcoin price managed to <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-regains-strength-28k\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">climb further higher above the $28,200 resistance levels<\/a>. BTC even spiked above the $28,500 and $28,800 resistance levels.<\/p>\n<p>However, upsides were limited above the $29,000 level. A high was formed near $29,190 before the price started a fresh downside correction. There was a move below the $28,800 and $28,500 levels. The price tested the 50% Fib retracement level of the upward wave from the $26,600 swing low to $29,190 high.<\/p>\n<p>Bitcoin price is now trading above $28,000 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-correction-27k\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. There is also a key bullish trend line forming with support near $27,900 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Bitcoin-22.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-525085\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Bitcoin-22.png?resize=1834%2C845\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Bitcoin-22.png?w=1834 1834w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Bitcoin-22.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Bitcoin-22.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Bitcoin-22.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Bitcoin-22.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Bitcoin-22.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Bitcoin-22.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>On the upside, an immediate resistance is near the $28,500 level. The next major resistance is near the $28,850 zone. The main resistance is now forming near the $29,200 level. A clear move above the $29,200 level might pump the price towards the $30,000 resistance. Any more gains might call for a test of the $32,000 resistance zone.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin price fails to clear the $28,800 resistance, it could start another decline. An immediate support on the downside is near the $27,900 zone or the trend line.<\/p>\n<p>The next major support is near the $27,680 zone and the 100 hourly simple moving average. It is near the 61.8% Fib retracement level of the upward wave from the $26,600 swing low to $29,190 high. A downside break below the $27,680 support might spark a fresh decline. The next major support is near the $27,210 level, below which the price might test $26,600.<\/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 $27,680, followed by $27,210.<\/p>\n<p>Major Resistance Levels \u2013 $28,500, $28,800 and $29,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price spiked higher above the $29,000 level. BTC corrected lower and is currently consolidating above the $28,000 pivot level. Bitcoin gained pace above the $28,500 resistance but upsides were limited. The price is trading above $28,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $27,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start another increase unless there is a clear move below the $27,650 support. Bitcoin Price Fails To Retain Gains Bitcoin price managed to climb further higher above the $28,200 resistance levels. BTC even spiked above the $28,500 and $28,800 resistance levels. However, upsides were limited above the $29,000 level. A high was formed near $29,190 before the price started a fresh downside correction. There was a move below the $28,800 and $28,500 levels. The price tested the 50% Fib retracement level of the upward wave from the $26,600 swing low to $29,190 high. Bitcoin price is now trading above $28,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $27,900 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $28,500 level. The next major resistance is near the $28,850 zone. The main resistance is now forming near the $29,200 level. A clear move above the $29,200 level might pump the price towards the $30,000 resistance. Any more gains might call for a test of the $32,000 resistance zone. More Losses in BTC? If bitcoin price fails to clear the $28,800 resistance, it could start another decline. An immediate support on the downside is near the $27,900 zone or the trend line. The next major support is near the $27,680 zone and the 100 hourly simple moving average. It is near the 61.8% Fib retracement level of the upward wave from the $26,600 swing low to $29,190 high. A downside break below the $27,680 support might spark a fresh decline. The next major support is near the $27,210 level, below which the price might test $26,600. 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 $27,680, followed by $27,210. Major Resistance Levels \u2013 $28,500, $28,800 and $29,200.<\/p>\n","protected":false},"author":67,"featured_media":459898,"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-525084","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 Shows Signs of Weakness But Key Uptrend Support Intact<\/title>\n<meta name=\"description\" content=\"Bitcoin price spiked higher above the $29,000 level. 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