{"id":29739,"date":"2023-10-03T04:42:59","date_gmt":"2023-10-03T04:42:59","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/10\/03\/bitcoin-price-sees-technical-correction-but-the-bulls-are-not-done-yet\/"},"modified":"2023-10-03T04:43:00","modified_gmt":"2023-10-03T04:43:00","slug":"bitcoin-price-sees-technical-correction-but-the-bulls-are-not-done-yet","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/10\/03\/bitcoin-price-sees-technical-correction-but-the-bulls-are-not-done-yet\/","title":{"rendered":"Bitcoin Price Sees Technical Correction But The Bulls Are Not Done Yet"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p><em>Bitcoin worth prolonged its improve towards the $28,500 resistance. BTC corrected features and is at present holding a key assist at $27,350.<\/em><\/p>\n<ul>\n<li>Bitcoin climbed additional greater above the $28,000 and $28,200 resistance ranges.<\/li>\n<li>The worth is buying and selling above $27,400 and the 100 hourly Simple transferring common.<\/li>\n<li>There is a significant bullish development line forming with assist close to $27,400 on the hourly chart of the BTC\/USD pair (knowledge feed from Kraken).<\/li>\n<li>The pair may begin one other improve except there&#8217;s a transfer beneath the $26,650 assist.<\/li>\n<\/ul>\n<h2>Bitcoin Price Remains Supported<\/h2>\n<p>Bitcoin worth began a <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-bulls-aim-big-28k\/\" target=\"_blank\" rel=\"noopener\">decent increase above the $27,200 resistance zone<\/a>. BTC climbed greater steadily above the $27,500 and $28,000 resistance ranges.<\/p>\n<p>The worth examined the $28,500 resistance. A brand new multi-week excessive was shaped close to $28,565 earlier than it noticed a draw back correction. Finally, the worth noticed a draw back correction beneath the $28,200 and $28,000 ranges. It even moved beneath the 50% Fib retracement stage of the upward transfer from the $26,690 swing low to the $28,565 excessive.<\/p>\n<p>Bitcoin continues to be buying and selling above $27,400 and the <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-breaks-higher-27200\/\" target=\"_blank\" rel=\"noopener\">100 hourly Simple moving average<\/a>. Besides, there&#8217;s a main bullish development line forming with assist close to $27,400 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Immediate resistance on the upside is close to the $27,850 stage. The subsequent key resistance could possibly be close to the $28,000 stage. A detailed above the $28,000 resistance may begin one other improve.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-1.png?resize=1024%2C458\"><img decoding=\"async\" class=\"alignnone size-full wp-image-553843\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-1.png?resize=1024%2C458\" alt=\"Bitcoin Price\" width=\"1024\" height=\"458\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-1.png?resize=1024%2C458?w=1950 1950w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-1.png?resize=1024%2C458?w=460 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-1.png?resize=1024%2C458?w=768 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-1.png?resize=1024%2C458?w=860 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-1.png?resize=1024%2C458?w=1536 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-1.png?resize=1024%2C458?w=750 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-1.png?resize=1024%2C458?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" loading=\"lazy\" data-recalc-dims=\"1\"\/><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener\">BTCUSD on TradingView.com<\/a><\/p>\n<p>In the said case, the worth may climb towards the $28,500 resistance. Any extra features would possibly name for a transfer towards the $29,200 stage.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to proceed greater above the $28,000 resistance, there could possibly be extra downsides. Immediate assist on the draw back is close to the $27,400 stage and the development line.<\/p>\n<p>The subsequent main assist is close to the $27,250 stage or the 100 SMA. A draw back break and shut beneath the $27,250 stage would possibly ship the worth towards $26,800. The subsequent assist sits at $26,650. Any extra losses would possibly name for a take a look at of $26,000.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now shedding 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 $27,250, adopted by $26,650.<\/p>\n<p>Major Resistance Levels \u2013 $28,000, $28,500, and $29,200.<\/p>\n<\/p><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-sees-correction-27250\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Bitcoin worth prolonged its improve towards the $28,500 resistance. BTC corrected features and is at present holding a key assist at $27,350. Bitcoin climbed additional greater above the $28,000 and $28,200 resistance ranges. The worth is buying and selling above $27,400 and the 100 hourly Simple transferring common. There is a significant bullish development 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