{"id":16909,"date":"2023-01-27T03:37:39","date_gmt":"2023-01-27T03:37:39","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/01\/27\/bitcoin-price-holds-key-support-but-the-bulls-seem-to-be-losing-steam\/"},"modified":"2023-01-27T03:37:39","modified_gmt":"2023-01-27T03:37:39","slug":"bitcoin-price-holds-key-support-but-the-bulls-seem-to-be-losing-steam","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/01\/27\/bitcoin-price-holds-key-support-but-the-bulls-seem-to-be-losing-steam\/","title":{"rendered":"Bitcoin Price Holds Key Support But The Bulls Seem To Be Losing Steam"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p><em>Bitcoin value didn&#8217;t settle above $23,500 and corrected decrease. BTC is buying and selling above $22,400, however it&#8217;s now buying and selling beneath the 100 hourly SMA.<\/em><\/p>\n<ul>\n<li>Bitcoin is slowly shifting decrease from the $23,500 resistance zone.<\/li>\n<li>The value is buying and selling beneath $23,000 and the 100 hourly easy shifting common.<\/li>\n<li>There is a key contracting triangle forming with resistance close to $23,000 on the hourly chart of the BTC\/USD pair (knowledge feed from Kraken).<\/li>\n<li>The pair might begin a recent enhance if it clears the $23,000 resistance zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Faces Resistance<\/h2>\n<p>Bitcoin value tried a <a href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-resumes-increase-25k\/\" target=\"_blank\" rel=\"noopener\">fresh increase<\/a> above the $23,500 resistance zone. However, BTC struggled to achieve bullish momentum above the $23,800 stage. A brand new yearly excessive was shaped close to $23,829 and the value began a draw back correction.<\/p>\n<p>There was a drop beneath the $23,200 and $23,000 help ranges. The value even spiked beneath $22,500 and traded as little as $22,492. It is now consolidating losses above $22,500.<\/p>\n<p>Bitcoin value is now buying and selling beneath $23,000 and the <a href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-correction-22k\/\" target=\"_blank\" rel=\"noopener\">100 hourly simple moving average<\/a>. There can also be a key contracting triangle forming with resistance close to $23,000 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>It is slowly shifting above the 23.6% Fib retracement stage of the current decline from the $23,829 swing excessive to $22,492 low. An rapid resistance is close to the $23,000 stage, the 100 hourly easy shifting common, and the triangle development line.<\/p>\n<p><a href=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2023\/01\/Bitcoin-23.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-517687\" src=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2023\/01\/Bitcoin-23.png\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2023\/01\/Bitcoin-23.png 1834w, https:\/\/newsbtc.com\/wp-content\/uploads\/2023\/01\/Bitcoin-23-460x212.png 460w, https:\/\/newsbtc.com\/wp-content\/uploads\/2023\/01\/Bitcoin-23-860x396.png 860w, https:\/\/newsbtc.com\/wp-content\/uploads\/2023\/01\/Bitcoin-23-768x354.png 768w, https:\/\/newsbtc.com\/wp-content\/uploads\/2023\/01\/Bitcoin-23-1536x708.png 1536w, https:\/\/newsbtc.com\/wp-content\/uploads\/2023\/01\/Bitcoin-23-750x346.png 750w, https:\/\/newsbtc.com\/wp-content\/uploads\/2023\/01\/Bitcoin-23-1140x525.png 1140w\" sizes=\"auto, (max-width: 1834px) 100vw, 1834px\"\/><\/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 subsequent main resistance is close to the $23,150 zone or the 50% Fib retracement stage of the current decline from the $23,829 swing excessive to $22,492 low, above which the value would possibly achieve bullish momentum. In the acknowledged case, the value might maybe rise in the direction of the $23,800 stage. The subsequent resistance may very well be close to the $24,200 stage. Any extra positive aspects would possibly ship btc value in the direction of the $25,000 stage.<\/p>\n<h2>Downside Break in BTC?<\/h2>\n<p>If bitcoin value fails to clear the $23,000 resistance, it might proceed to maneuver down. An rapid help on the draw back is close to the $22,500 zone and the triangle decrease development line.<\/p>\n<p>The subsequent main help is close to the $22,400 zone. A draw back break beneath the $22,400 stage would possibly ship the value in the direction of the $22,000 stage. Any extra losses would possibly ship the value to $21,250 within the close to time period.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now dropping tempo within the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now beneath the 50 stage.<\/p>\n<p>Major Support Levels \u2013 $22,500, adopted by $22,400.<\/p>\n<p>Major Resistance Levels \u2013 $23,000, $23,150 and $23,500.<\/p>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-holds-support-22-4k\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Bitcoin value didn&#8217;t settle above $23,500 and corrected decrease. BTC is buying and selling above $22,400, however it&#8217;s now buying and selling beneath the 100 hourly SMA. Bitcoin is slowly shifting decrease from the $23,500 resistance zone. The value is buying and selling beneath $23,000 and the 100 hourly easy shifting common. There is 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