• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision

Bitcoin (BTC) Price Correcting Gains: 100 SMA Holds Key

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
Advertisement
  • Bitcoin price topped near the $8,950 level and recently corrected lower against the US Dollar.
  • The price declined below the $8,700 and $8,620 support levels to enter a short term bearish zone.
  • There is a major bullish trend line forming with support near $8,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must stay above the $8,300 support area to start a fresh increase in the near term.

Bitcoin price started a downside correction below $8,600 against the US Dollar. BTC is likely to test the 100 hourly SMA or $8,300 before it starts a fresh upward move.

Bitcoin Price Analysis

Recently, we saw a solid rise in bitcoin price towards the $9,000 resistance against the US Dollar. The BTC/USD pair traded close to the $8,960 level and formed a new swing high at $8,952. Later, it started a downside correction below the $8,800 and $8,700 levels. There was a break below the 23.6% Fib retracement level of the upward move from the $7,900 low to $8,952 high. Moreover, there was a break below a key declining channel with support near the $8,600 level on the hourly chart.

It opened the doors for more losses towards the $8,425 support. Moreover, the 100 hourly simple moving average is also near the $8,425 support. Finally, the 50% Fib retracement level of the upward move from the $7,900 low to $8,952 high is near the $8,426 level. More importantly, there is a major bullish trend line forming with support near $8,300 on the hourly chart of the BTC/USD pair. Therefore, there are many supports on the downside near the $8,425 and $8,300 levels.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

The main support is near $8,300 and the 61.8% Fib retracement level of the upward move from the $7,900 low to $8,952 high. If there is a close below the $8,300 support, the price might extend its decline below the $8,200 and $8,140 support levels. Conversely, if the $8,300 support holds, the price is likely to start a fresh increase. An initial resistance is near the $8,600 level, above which the price might test the $8,710 channel resistance.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly correcting lower below $8,600. However, there are many key buy zones near $8,425 and $8,400. As long as the price is trading above the $8,300 support zone, it is likely to complete correction and increase towards $8,700.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Technical indicators:

Hourly MACD – The MACD is currently gaining strength in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD declined recently below the 40 level, with a bearish angle.

Major Support Levels – $8,425 followed by $8,300.

Major Resistance Levels – $8,600, $8,700 and $8,850.

Tags: bitcoinbtc
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

AVAX Price Could Rally

AVAX Price Prediction: Avalanche Bulls Aim $20 or Higher

2 hours ago
Ethereum Price

Ethereum Price Just Saw Key Technical Correction But Key Support Intact

2 hours ago
Bitcoin

Bitcoin Price Corrects But Uptrend Is Still Intact and BTC Could Rally Again

4 hours ago
Bitcoin Price Retests $27K Following Fed Rate Decision

Bitcoin Price Retests $27K Following Fed Rate Decision

11 hours ago
Ripple XRP

XRP Bulls in Control: What’s Driving The Recent Price Surge?

14 hours ago
ADA and XRP

XRP, ADA Lead Market Rally With Double-Digit Gains, More Upside To Come?

16 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

TMS Network (TMSN) Presale Success Stirs Markets While Experts Advise To Be Cautious With Conflux (CFX) And Ravencoin (RVN)

March 23, 2023

Solana (SOL) Price Prediction; TMS Network ICO (TMSN) And Avalanche (AVAX) Shines

March 23, 2023

Cryptocurrencies To Get Before April 2023 Ends: Conflux (CFX), yearn.finance (YFI) and TMS Network (TMSN)

March 23, 2023

ScalingX and Buidlbox Partner to Host “The Hunt for X” Zero-Knowledge Tech Hackathon

March 22, 2023

Why is Avorak AI Pumping? – a Guide To AI Cryptos, Fetch.ai, SingularityNET, And More

March 22, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.