{"id":6057,"date":"2022-08-05T03:56:28","date_gmt":"2022-08-05T03:56:28","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2022\/08\/05\/bitcoin-price-could-narrowly-avoid-a-major-downtrend-heres-how\/"},"modified":"2022-08-05T03:56:29","modified_gmt":"2022-08-05T03:56:29","slug":"bitcoin-price-could-narrowly-avoid-a-major-downtrend-heres-how","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2022\/08\/05\/bitcoin-price-could-narrowly-avoid-a-major-downtrend-heres-how\/","title":{"rendered":"Bitcoin Price Could Narrowly Avoid a Major Downtrend, Here\u2019s How"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p><em>Bitcoin prolonged losses beneath the $22,650 help towards the US Dollar. BTC is making an attempt one other restoration and would possibly face hurdles close to $23,100.<\/em><\/p>\n<ul>\n<li>Bitcoin remained in a bearish zone and prolonged losses beneath the $23,500 degree.<\/li>\n<li>The worth is now buying and selling beneath the $23,000 degree and the 100 hourly easy shifting common.<\/li>\n<li>There was a break above a short-term bearish pattern line with resistance close to $22,850 on the hourly chart of the BTC\/USD pair (knowledge feed from Kraken).<\/li>\n<li>The pair should clear the $23,100 resistance to begin a regular improve within the close to time period.<\/li>\n<\/ul>\n<h2>Bitcoin Price Faces Resistance<\/h2>\n<p>Bitcoin worth began a <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-struggle-below-24k\/\" target=\"_blank\" rel=\"noopener\">fresh decline<\/a> after it confronted sellers close to the $23,570 degree. The worth gained bearish momentum after it broke the $23,000 help zone.<\/p>\n<p>It even traded beneath the $22,800 degree and the 100 hourly easy shifting common. Finally, there was a spike beneath the $22,650 degree. However, downsides have been restricted and the worth traded as little as $22,400. The worth began a recent restoration wave above the $22,800 resistance zone.<\/p>\n<p>Bitcoin cleared the 23.6% Fib retracement degree of the downward transfer from the $23,570 swing excessive to $22,400 low. Besides, there was a break above a short-term bearish pattern line with resistance close to $22,850 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>It is now buying and selling beneath the $23,000 degree and the <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-could-drop-5-pc\/\" target=\"_blank\" rel=\"noopener\">100 hourly simple moving average<\/a>. On the upside, bitcoin worth is going through resistance close to the $23,000 degree and the 100 hourly SMA.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-497747\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4.png\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4.png 1834w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4-460x212.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4-860x396.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4-768x354.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4-1536x708.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4-750x346.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/08\/Bitcoin-4-1140x525.png 1140w\" sizes=\"auto, (max-width: 1834px) 100vw, 1834px\"\/><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The 50% Fib retracement degree of the downward transfer from the $23,570 swing excessive to $22,400 low can also be close to the $23,000 zone. The subsequent key resistance is close to the $23,300 zone. An in depth above the $23,500 resistance zone might begin a regular improve. In the said case, the worth could maybe rise clear the $23,500 resistance.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin fails to clear the $23,000 resistance zone and the 100 hourly SMA, it might proceed to maneuver down. An rapid help on the draw back is close to the $22,800 degree.<\/p>\n<p>The subsequent main help now sits close to the $22,400 degree. An in depth beneath the $22,400 degree would possibly begin a transfer in the direction of $22,000. Any extra losses would possibly ship the worth in the direction of $21,200 degree.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining tempo within the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 degree.<\/p>\n<p>Major Support Levels \u2013 $22,800, adopted by $22,400.<\/p>\n<p>Major Resistance Levels \u2013 $23,000, $23,300 and $24,500.<\/p>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-downtrend-24k\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Bitcoin prolonged losses beneath the $22,650 help towards the US Dollar. BTC is making an attempt one other restoration and would possibly face hurdles close to $23,100. Bitcoin remained in a bearish zone and prolonged losses beneath the $23,500 degree. The worth is now buying and selling beneath the $23,000 degree and the 100 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