{"id":22061,"date":"2023-05-09T05:46:23","date_gmt":"2023-05-09T05:46:23","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/05\/09\/bitcoin-bears-gains-strength-is-this-renewed-downtrend-or-just-correction\/"},"modified":"2023-05-09T05:46:24","modified_gmt":"2023-05-09T05:46:24","slug":"bitcoin-bears-gains-strength-is-this-renewed-downtrend-or-just-correction","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/05\/09\/bitcoin-bears-gains-strength-is-this-renewed-downtrend-or-just-correction\/","title":{"rendered":"Bitcoin Bears Gains Strength \u2013 Is This Renewed Downtrend or Just Correction"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p><em>Bitcoin value is shifting decrease beneath $28,000. BTC is approaching the $27,000 assist, beneath which there&#8217;s a threat of an prolonged decline to $25,500.<\/em><\/p>\n<ul>\n<li>Bitcoin is shifting decrease and buying and selling beneath the $28,200 pivot degree.<\/li>\n<li>The value is buying and selling beneath $28,000 and the 100 hourly Simple shifting common.<\/li>\n<li>There is a significant bearish development line forming with resistance close to $28,150 on the hourly chart of the BTC\/USD pair (knowledge feed from Kraken).<\/li>\n<li>The pair might proceed to maneuver down if there&#8217;s a transfer beneath the $27,000 assist.<\/li>\n<\/ul>\n<h2>Bitcoin Price Turns Red<\/h2>\n<p>Bitcoin value began a <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-rejection-30k\/?swcfpc=1\" target=\"_blank\" rel=\"noopener\">steady decline<\/a> after it broke the $28,800 assist zone. BTC gained bearish momentum beneath the $28,200 and $28,000 ranges.<\/p>\n<p>The bears appear to be gaining energy and so they had been capable of push the value towards the $27,200 assist. A low is fashioned close to $27,282 and the value is now consolidating losses. It is buying and selling beneath $28,000 and the <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-bullish-above-30k\/?swcfpc=1\" target=\"_blank\" rel=\"noopener\">100 hourly Simple moving average<\/a>.<\/p>\n<p>There can be a significant bearish development line forming with resistance close to $28,150 on the hourly chart of the BTC\/USD pair. Bitcoin is now going through resistance close to the $27,750 degree. It is near the 23.6% Fib retracement degree of the downward transfer from the $29,128 swing excessive to the $27,282 low.<\/p>\n<p>The subsequent main resistance is close to the development line zone or the 50% Fib retracement degree of the downward transfer from the $29,128 swing excessive to the $27,282 low. An in depth above the development line resistance may ship the value towards the $28,800 resistance.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/05\/Bitcoin-6.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-530597\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/05\/Bitcoin-6.png\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/05\/Bitcoin-6.png 1834w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/05\/Bitcoin-6-460x212.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/05\/Bitcoin-6-860x396.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/05\/Bitcoin-6-768x354.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/05\/Bitcoin-6-1536x708.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/05\/Bitcoin-6-750x346.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/05\/Bitcoin-6-1140x525.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 key resistance is close to $29,120, above which the value may rise towards the $29,500 resistance zone. Any extra beneficial properties might open the doorways for an honest enhance towards the $29,750 resistance.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If Bitcoin\u2019s value fails to clear the $28,150 resistance, it might proceed to maneuver down. Immediate assist on the draw back is close to the $27,250 degree and the current low.<\/p>\n<p>The subsequent main assist is close to the $27,000 zone, beneath which the value may drop towards the $26,000 assist zone. Any extra losses may take Bitcoin towards the $25,500 degree within the close to time period.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining tempo within the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now beneath the 50 degree.<\/p>\n<p>Major Support Levels \u2013 $27,250, adopted by $27,000.<\/p>\n<p>Major Resistance Levels \u2013 $28,000, $28,150, and $28,800.<\/p>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-bears-gains-strength-28k\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Bitcoin value is shifting decrease beneath $28,000. BTC is approaching the $27,000 assist, beneath which there&#8217;s a threat of an prolonged decline to $25,500. Bitcoin is shifting decrease and buying and selling beneath the $28,200 pivot degree. The value is buying and selling beneath $28,000 and the 100 hourly Simple shifting common. There is 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