• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Bitcoin
Sensei Inu Logo

Bitcoin Price Faces Key Challenge and At Risk of Downside Correction

Aayush Jindal by Aayush Jindal
8 months ago
in BTC
Reading Time: 2 mins read

Bitcoin price is facing a major hurdle near the $21,500 zone. BTC could correct lower if there is a clear move below the $20,500 support zone.

  • Bitcoin seems to be facing a major challenge near the $21,450 and $21,500 levels.
  • The price is trading above $20,600 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $21,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a downside correction below the $20,800 and $20,500 support levels.

Bitcoin Price Keeps Struggling

Bitcoin price attempted an upside break above the $21,500 resistance zone. However, BTC failed to gain pace above the $21,500 zone. A high was formed near $21,679 and the price is now slowly moving lower.

There was a break below the $21,250 level. The price declined below the 23.6% Fib retracement level of the recent increase from the $20,620 swing low to $21,679 high. There was a break below a major bullish trend line with support near $21,100 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $20,600 and the 100 hourly simple moving average. If there is another upside break attempt, an immediate resistance is near the $21,450 level. The next major resistance is near the $21,500 zone, above which the price might gain bullish momentum.

Bitcoin Price

Source: BTCUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $21,800 level. Any more gains might send btc price towards the $22,000 level.

Downside Correction in BTC?

If bitcoin price fails to clear the $21,500 resistance, it could continue to move down. An immediate support on the downside is near the $21,100 zone.

The next major support is near the $20,900 zone and the 100 hourly SMA. It is near the 61.8% Fib retracement level of the recent increase from the $20,620 swing low to $21,679 high. The main support is now forming near the $20,500 level, below which the price might accelerate lower towards $20,000. Any more losses might send the price to $19,500.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $20,900, followed by $20,500.

Major Resistance Levels – $21,450, $21,500 and $22,000.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

Related Posts

Bitcoin Price BTC

Bitcoin Price Turns Vulnerable As Indicators Point To More Weakness

13 hours ago
Bitcoin

Bitcoin Price Grinds Lower And Seems Like Bears Are Not Done Yet

2 days ago
Bitcoin

Bitcoin Price Hints At Potential Correction, Buy The Dip?

5 days ago
Bitcoin

Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $27.5K

6 days ago
Bitcoin

Bitcoin Price Close Above $27,500 Could Spark Larger Degree Rally

7 days ago
Bitcoin

Bitcoin Price Sees Technical Correction, Here’s What Could Propel It Back To $28K

1 week ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Solana Remains Stable, Bitcoin Cash, and Borroe.Finance...

    2 hours ago
  • Best Trading Sessions in Nigeria Time According to Analysts

    5 hours ago
  • Cosmos and Axie Infinity Holders Accumulating Kangamoon...

    6 hours ago
  • Eureka Partners Fortifies Its Stance in Blockchain and...

    7 hours ago
  • Imagine Buying Bitcoin at 20 cents! Gold Coin on the rise

    7 hours ago

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.

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

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 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.