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{"id":545998,"date":"2023-08-07T08:02:54","date_gmt":"2023-08-07T08:02:54","guid":{"rendered":"https:\/\/ktsl888.com\/?p=545998"},"modified":"2024-06-11T12:13:28","modified_gmt":"2024-06-11T12:13:28","slug":"bitcoin-price-muted-29k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-muted-29k\/","title":{"rendered":"Bitcoin Price Relatively Muted, Risk of More Downsides Still Exists"},"content":{"rendered":"

Bitcoin price is struggling to climb above $29,500. BTC remains at risk of more downsides if there is a close below the $28,800 support.<\/em><\/p>\n

\n
Bitcoin is still struggling to gain pace above the $29,500 pivot level.<\/li>\n
The price is trading below $29,200 and the 100 hourly Simple moving average.<\/li>\n
There is a key bearish trend line forming with resistance near $29,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could attempt a fresh increase toward the $29,500 resistance zone.<\/li>\n<\/ul>\n
Bitcoin Price Stuck In Tiny Range<\/h2>\n
Bitcoin price struggled to clear the $29,500 resistance zone<\/a>. BTC started a fresh decline within the range and traded below the $29,250 level.<\/p>\n
There was a close below $29,250 and the 100 hourly Simple moving average. However, the bulls protected the range support at $28,800. The price traded as low as $28,800 and recently started a short-term upside correction.<\/p>\n
There was a move above the 23.6% Fib retracement level of the downward move from the $29,395 swing high to the $28,800 low. However, the bears were active near the $29,200 resistance zone. There is also a key bearish trend line forming with resistance near $29,100 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin price is trading below $29,200 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $29,100 zone, the trend line, and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the downward move from the $29,395 swing high to the $28,800 low.<\/p>\n
$\"Bitcoin$ <\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/p>\n
The first major resistance is near the $29,400 level. The next major resistance is near the $29,500 level, above which the price might rise toward the $29,750 resistance zone. A close above the $29,750 resistance zone could start a decent increase. In the stated case, the price may even surpass the $30,000 resistance.<\/p>\n
More Losses In BTC?<\/h2>\n
If Bitcoin fails to clear the $29,100 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,000 level.<\/p>\n
The next major support is near the $28,800 level, below which the price could accelerate lower. The next support is near the $28,400 level. Any more losses might call for a move toward the $28,000 level in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $29,000, followed by $28,800.<\/p>\n
Major Resistance Levels \u2013 $29,100, $29,400, and $29,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is struggling to climb above $29,500. BTC remains at risk of more downsides if there is a close below the $28,800 support. Bitcoin is still struggling to gain pace above the $29,500 pivot level. The price is trading below $29,200 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $29,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could attempt a fresh increase toward the $29,500 resistance zone. Bitcoin Price Stuck In Tiny Range Bitcoin price struggled to clear the $29,500 resistance zone. BTC started a fresh decline within the range and traded below the $29,250 level. There was a close below $29,250 and the 100 hourly Simple moving average. However, the bulls protected the range support at $28,800. The price traded as low as $28,800 and recently started a short-term upside correction. There was a move above the 23.6% Fib retracement level of the downward move from the $29,395 swing high to the $28,800 low. However, the bears were active near the $29,200 resistance zone. There is also a key bearish trend line forming with resistance near $29,100 on the hourly chart of the BTC\/USD pair. Bitcoin price is trading below $29,200 and the 100 hourly Simple moving average. Immediate resistance is near the $29,100 zone, the trend line, and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the downward move from the $29,395 swing high to the $28,800 low. Source: BTCUSD on TradingView.com The first major resistance is near the $29,400 level. The next major resistance is near the $29,500 level, above which the price might rise toward the $29,750 resistance zone. A close above the $29,750 resistance zone could start a decent increase. In the stated case, the price may even surpass the $30,000 resistance. More Losses In BTC? If Bitcoin fails to clear the $29,100 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,000 level. The next major support is near the $28,800 level, below which the price could accelerate lower. The next support is near the $28,400 level. Any more losses might call for a move toward the $28,000 level in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $29,000, followed by $28,800. Major Resistance Levels \u2013 $29,100, $29,400, and $29,500.<\/p>\n","protected":false},"author":67,"featured_media":465844,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1144,78790,76835],"class_list":["post-545998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Price Relatively Muted, Risk of More Downsides Still Exists<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to climb above $29,500. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/ktsl888.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Relatively Muted, Risk of More Downsides Still Exists","url":"http:\/\/ktsl888.com\/news\/bitcoin-price-muted-29k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-price-muted-29k\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/06\/shutterstock_262478576.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/06\/shutterstock_262478576.jpg?fit=1000%2C800"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btcusd","btcusdt","xbtusd"],"dateCreated":"2023-08-07T08:02:54Z","datePublished":"2023-08-07T08:02:54Z","dateModified":"2024-06-11T12:13:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Relatively Muted, Risk of More Downsides Still Exists\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-muted-29k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-muted-29k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/shutterstock_262478576.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/shutterstock_262478576.jpg?fit=1000%2C800\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2023-08-07T08:02:54Z\",\"datePublished\":\"2023-08-07T08:02:54Z\",\"dateModified\":\"2024-06-11T12:13:28Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/06\/shutterstock_262478576.jpg?fit=1000%2C800","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/545998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=545998"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/545998\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/465844"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=545998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=545998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=545998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}