{"id":22026,"date":"2023-06-09T08:07:25","date_gmt":"2023-06-09T06:07:25","guid":{"rendered":"https:\/\/europepublic.com\/bitcoin-price-defies-gravity-but-here-is-why-it-could-decline-again\/"},"modified":"2023-06-09T08:07:25","modified_gmt":"2023-06-09T06:07:25","slug":"bitcoin-price-defies-gravity-but-here-is-why-it-could-decline-again","status":"publish","type":"post","link":"https:\/\/europepublic.com\/bitcoin-price-defies-gravity-but-here-is-why-it-could-decline-again\/","title":{"rendered":"Bitcoin Price Defies Gravity But Here Is Why It Could Decline Again"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><em>Bitcoin price is consolidating above the $26,000 support. BTC could start another decline if it stays below $27,400 for a long time.<\/em><\/p>\n<ul>\n<li>Bitcoin is struggling to gain pace for a move above the $27,400 resistance.<\/li>\n<li>The price is trading near $26,500 and the 100 hourly Simple moving average.<\/li>\n<li>There was a break above a declining channel with resistance near $26,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could decline again if there is a move below the $26,000 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Faces Resistance<\/h2>\n<p>Bitcoin price remained stable above the <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-could-increase-26600\/?swcfpc=1\" target=\"_blank\" rel=\"noopener\">$26,000 level<\/a>. BTC traded as low as $26,139 and recently started an upside correction. It was able to climb above the $26,250 level.<\/p>\n<p>There was a move above the 23.6% Fib retracement level of the downward move from the $27,387 swing high to the $26,139 low. Besides, there was a break above a declining channel with resistance near $26,420 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Bitcoin price is now trading near $26,500 and the <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-trims-losses-27400\/?swcfpc=1\" target=\"_blank\" rel=\"noopener\">100 hourly Simple moving average<\/a>. It seems to be facing resistance near the $26,750 level. It is close to the 50% Fib retracement level of the downward move from the $27,387 swing high to the $26,139 low.<\/p>\n<p>A clear move above the $26,750 resistance might start a decent increase. The next major resistance is near the $27,000 level. A close above $27,000 might send the price further higher.<\/p>\n<p><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"nofollow noopener\">BTCUSD on TradingView.com<\/a><\/p>\n<p>The next key resistance is near the $27,400 level. A clear move above the $27,400 resistance might call for a move toward the $27,500 resistance. Any more gains above the $27,500 resistance zone might send the price toward the $28,500 resistance zone.<\/p>\n<h2>Fresh Decline in BTC?<\/h2>\n<p>If Bitcoin\u2019s price fails to clear the $27,000 resistance, it could continue to move down. another decline. Immediate support on the downside is near the $26,140 level.<\/p>\n<p>The next major support is near the $25,850 level, below which the price might accelerate lower. In the stated case, the price could drop toward the $25,400 support in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is near the 50 level.<\/p>\n<p>Major Support Levels \u2013 $26,140, followed by $25,840.<\/p>\n<p>Major Resistance Levels \u2013 $26,750, $27,000, and $27,400.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-defies-gravity-26k\/\" target=\"_blank\" rel=\"noopener\">Source link: https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-defies-gravity-26k\/  <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is consolidating above the $26,000 support. BTC could start another decline if it stays below $27,400 for a long time. Bitcoin is struggling to gain pace for a move above the $27,400 resistance. The price is trading near $26,500 and the 100 hourly Simple moving average. There was a break above a declining [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22027,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25],"tags":[577,7515,6794,26635,431],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.newsbtc.com\/wp-content\/uploads\/2021\/05\/shutterstock_764448946.jpg?fit=%2C&ssl=1","_links":{"self":[{"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/posts\/22026"}],"collection":[{"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/comments?post=22026"}],"version-history":[{"count":0,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/posts\/22026\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/media\/22027"}],"wp:attachment":[{"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/media?parent=22026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/categories?post=22026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/tags?post=22026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}