{"id":383573,"date":"2019-05-24T06:00:25","date_gmt":"2019-05-24T06:00:25","guid":{"rendered":"https:\/\/ktsl888.com\/?p=383573"},"modified":"2024-06-11T13:40:18","modified_gmt":"2024-06-11T13:40:18","slug":"bitcoin-btc-price-facing-uphill-task","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-price-facing-uphill-task\/","title":{"rendered":"Bitcoin (BTC) Price Facing Uphill Task: Another Dip Before Higher?"},"content":{"rendered":"<ul>\n<li>Bitcoin price declined recently and tested the key $7,500 support area against the US Dollar.<\/li>\n<li>The price rebounded and traded above the $7,780 and $7,850 resistance levels.<\/li>\n<li>Yesterday\u2019s highlighted key declining channel is acting as a barrier near $7,980 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could drop once again towards the $7,720 support area before it starts a fresh increase.<\/li>\n<\/ul>\n<p><em>Bitcoin price rebounded nicely above $7,700 and $7,850 against the US Dollar. However, BTC is facing a strong resistance and it could decline again before the bulls take control.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/ktsl888.com\/2019\/05\/23\/bitcoin-btc-price-uptrend-pauses-but-not-out-of-woods-yet\/\" target=\"_blank\" rel=\"noopener noreferrer \">major downside correction<\/a> in bitcoin price below the $7,850 support against the US Dollar. The BTC\/USD pair traded below the $7,720 support level and the 100 hourly simple moving average. Besides, it broke the key $7,660 support and tested the $7,500 support area. A swing low was formed at $7,475 and the price recently rebounded nicely above $7,660. The bulls pushed the price above the $7,720 and $7,850 resistance levels.<\/p>\n<p>However, it seems like the price is struggling to <a href=\"https:\/\/ktsl888.com\/2019\/05\/22\/bitcoin-btc-price-trading-sideways-bulls-eyeing-fresh-increase\/\" target=\"_blank\" rel=\"noopener noreferrer \">gain momentum above $7,950 and $8,000<\/a>. Moreover, yesterday\u2019s highlighted key declining channel is acting as a barrier near $7,980 on the hourly chart of the BTC\/USD pair. The recent high was at $7,994 and the price is currently moving lower. An immediate support is near $7,800, below which the price could test the 50% Fib retracement level of the upward move from the $7,475 low to $7,994 high. The current price action indicates that the price is facing a strong resistance near $7,980 and $8,000.<\/p>\n<p>If there is a successful close above $8,000, the price could start a solid rise towards the $8,200 and $8,300 resistance levels. Conversely, there is a risk of another drop below $7,800. The main support is near $7,670, and the 61.8% Fib retracement level of the upward move from the $7,475 low to $7,994 high.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-383574\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-24.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price rebounded nicely from the $7,475 level. However, the $8,000 barrier stopped upsides and it might start a fresh decline below $7,800. Once the current correction is complete near $7,670 or $7,600, the price is likely to climb back sharply. In the mentioned case, the price may perhaps surpass the $8,000 resistance. The next key resistances on the upside are near $8,200, $8,300 and $8,500.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is about to move back in the bearish zone, with a few negative signs.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently moving lower and it could test the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,670 followed by $7,600.<\/p>\n<p>Major Resistance Levels \u2013 $7,950, $7,980 and $8,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price declined recently and tested the key $7,500 support area against the US Dollar. The price rebounded and traded above the $7,780 and $7,850 resistance levels. Yesterday\u2019s highlighted key declining channel is acting as a barrier near $7,980 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could drop once again towards the $7,720 support area before it starts a fresh increase. Bitcoin price rebounded nicely above $7,700 and $7,850 against the US Dollar. However, BTC is facing a strong resistance and it could decline again before the bulls take control. Bitcoin Price Analysis Yesterday, we saw a major downside correction in bitcoin price below the $7,850 support against the US Dollar. The BTC\/USD pair traded below the $7,720 support level and the 100 hourly simple moving average. Besides, it broke the key $7,660 support and tested the $7,500 support area. A swing low was formed at $7,475 and the price recently rebounded nicely above $7,660. The bulls pushed the price above the $7,720 and $7,850 resistance levels. However, it seems like the price is struggling to gain momentum above $7,950 and $8,000. Moreover, yesterday\u2019s highlighted key declining channel is acting as a barrier near $7,980 on the hourly chart of the BTC\/USD pair. The recent high was at $7,994 and the price is currently moving lower. An immediate support is near $7,800, below which the price could test the 50% Fib retracement level of the upward move from the $7,475 low to $7,994 high. The current price action indicates that the price is facing a strong resistance near $7,980 and $8,000. If there is a successful close above $8,000, the price could start a solid rise towards the $8,200 and $8,300 resistance levels. Conversely, there is a risk of another drop below $7,800. The main support is near $7,670, and the 61.8% Fib retracement level of the upward move from the $7,475 low to $7,994 high. Looking at the chart, bitcoin price rebounded nicely from the $7,475 level. However, the $8,000 barrier stopped upsides and it might start a fresh decline below $7,800. Once the current correction is complete near $7,670 or $7,600, the price is likely to climb back sharply. In the mentioned case, the price may perhaps surpass the $8,000 resistance. The next key resistances on the upside are near $8,200, $8,300 and $8,500. Technical indicators: Hourly MACD \u2013 The MACD is about to move back in the bearish zone, with a few negative signs. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently moving lower and it could test the 50 level. Major Support Levels \u2013 $7,670 followed by $7,600. Major Resistance Levels \u2013 $7,950, $7,980 and $8,000.<\/p>\n","protected":false},"author":67,"featured_media":344595,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-383573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Facing Uphill Task: Another Dip Before Higher?<\/title>\n<meta name=\"description\" content=\"Bitcoin price rebounded nicely above $7,700 and $7,850 against the US Dollar. 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