{"id":30579,"date":"2023-10-19T04:18:35","date_gmt":"2023-10-19T04:18:35","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/10\/19\/bitcoin-price-could-see-downside-thrust-before-fresh-increase-to-29k\/"},"modified":"2023-10-19T04:18:35","modified_gmt":"2023-10-19T04:18:35","slug":"bitcoin-price-could-see-downside-thrust-before-fresh-increase-to-29k","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/10\/19\/bitcoin-price-could-see-downside-thrust-before-fresh-increase-to-29k\/","title":{"rendered":"Bitcoin Price Could See Downside Thrust Before Fresh Increase To $29K"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p><em>Bitcoin value is slowly transferring decrease under the $28,500 stage. BTC might drop towards the $28,000 stage or the 100 hourly SMA earlier than the bulls take a stand.<\/em><\/p>\n<ul>\n<li>Bitcoin is struggling to achieve traction for a transfer above the $28,500 stage.<\/li>\n<li>The value is buying and selling above $27,750 and the 100 hourly Simple transferring common.<\/li>\n<li>There was a break under a key bullish development line with assist close to $28,400 on the hourly chart of the BTC\/USD pair (knowledge feed from Kraken).<\/li>\n<li>The pair might revisit the 100 hourly Simple transferring common earlier than it makes an attempt a contemporary improve.<\/li>\n<\/ul>\n<h2>Bitcoin Price Extends Downside Correction<\/h2>\n<p>Bitcoin value began a draw back correction from the <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-liftoff-30k-2\/\" target=\"_blank\" rel=\"noopener\">$30,000 resistance zone<\/a>. BTC struggled to remain in a constructive zone and settled under the $28,500 pivot stage.<\/p>\n<p>Recently, the bears pushed the worth under the $28,200 stage. Besides, there was a break under a key bullish development line with assist close to $28,400 on the hourly chart of the BTC\/USD pair. A low is fashioned close to $28,150 and the worth is now consolidating losses.<\/p>\n<p>Bitcoin is now buying and selling above $27,750 and the <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-rally-toward-30k\/\" target=\"_blank\" rel=\"noopener\">100 hourly Simple moving average<\/a>. On the upside, fast resistance is close to the $28,550 stage. It is near the 50% Fib retracement stage of the current decline from the $28,980 swing excessive to the $28,150 low.<\/p>\n<p>The subsequent key resistance could possibly be close to $28,800 or the 76.4% Fib retracement stage of the current decline from the $28,980 swing excessive to the $28,150 low.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-13.png?resize=1024%2C468\"><img decoding=\"async\" class=\"alignnone size-full wp-image-556022\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-13.png?resize=1024%2C468\" alt=\"Bitcoin Price\" width=\"1024\" height=\"468\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-13.png?resize=1024%2C468?w=1835 1835w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-13.png?resize=1024%2C468?w=460 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-13.png?resize=1024%2C468?w=768 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-13.png?resize=1024%2C468?w=860 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-13.png?resize=1024%2C468?w=1536 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-13.png?resize=1024%2C468?w=750 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-13.png?resize=1024%2C468?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>The important resistance is now close to the $29,000 zone. A transparent transfer above the $29,000 resistance zone might set the tempo for a bigger improve. The subsequent key resistance could possibly be $29,500. Any extra features may ship BTC towards the $30,000 stage.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $28,550 resistance zone, it might slide additional. Immediate assist on the draw back is close to the $28,150 stage.<\/p>\n<p>The subsequent main assist is close to the $28,000 stage and the 100 hourly Simple transferring common. A draw back break and shut under the $28,000 assist may set off extra losses within the close to time period. The subsequent assist sits at $27,660, under which it might check $28,120.<\/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 under the 50 stage.<\/p>\n<p>Major Support Levels \u2013 $28,150, adopted by $28,000.<\/p>\n<p>Major Resistance Levels \u2013 $28,550, $28,800, and $29,000.<\/p>\n<\/p><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-thrust-28k\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Bitcoin value is slowly transferring decrease under the $28,500 stage. BTC might drop towards the $28,000 stage or the 100 hourly SMA earlier than the bulls take a stand. Bitcoin is struggling to achieve traction for a transfer above the $28,500 stage. The value is buying and selling above $27,750 and the 100 hourly 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