{"id":181517,"date":"2023-09-19T03:39:31","date_gmt":"2023-09-19T03:39:31","guid":{"rendered":"https:\/\/precoinnews.com\/?p=181517"},"modified":"2023-09-19T03:39:31","modified_gmt":"2023-09-19T03:39:31","slug":"bitcoin-price-sees-technical-correction-heres-what-could-propel-it-back-to-28k","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-price-sees-technical-correction-heres-what-could-propel-it-back-to-28k\/","title":{"rendered":"Bitcoin Price Sees Technical Correction, Here\u2019s What Could Propel It Back To $28K"},"content":{"rendered":"<p><em>Bitcoin price climbed higher and tested the $27,500 resistance. BTC is correcting gains, but it could start another increase unless there is a move below $26,500.<\/em><\/p>\n<ul>\n<li>Bitcoin is holding gains above the $26,500 support level.<\/li>\n<li>The price is trading above $26,550 and the 100 hourly Simple moving average.<\/li>\n<li>There is a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start another increase if it stays above the $26,500 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Eyes Another Increase<\/h2>\n<p>Bitcoin price remained in a positive zone above the $26,200 resistance zone. BTC started a fresh increase and cleared the $26,500 resistance zone.<\/p>\n<p>There was a strong push above the $27,000 level before the bears appeared near $27,500. A high was formed near $27,468 and the price recently corrected gains. There was a drop below the $27,000 level. The price declined below the 50% Fib retracement level of the upward move from the $26,412 swing low to the $27,468 high.<\/p>\n<p>Bitcoin is now trading above $26,550 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The price is now holding the 76.4% Fib retracement level of the upward move from the $26,412 swing low to the $27,468 high. It is consolidating gains and might eye a fresh increase. Immediate resistance on the upside is near the $26,950 level.<\/p>\n<p>The first major resistance is near the $27,500 zone, above which the price could gain pace. The next key resistance could be near the $28,200 level. A clear move above the $28,200 resistance could send the price toward the $29,000 resistance.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/09\/Bitcoin-12.png?resize=1024%2C468\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>The next major resistance is near $29,500, above which the bulls could gain strength. In the stated case, the price could test the $30,000 level.<\/p>\n<h2>More Downsides In BTC?<\/h2>\n<p>If Bitcoin fails to start a fresh increase above the $26,950 resistance, it could continue to move lower. Immediate support on the downside is near the $26,600 level and the trend line.<\/p>\n<p>The next major support is near the $26,500 level. A downside break and close below the $26,500 level might send the price toward the next support at $26,000.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n<p>Major Support Levels \u2013 $26,600, followed by $26,500.<\/p>\n<p>Major Resistance Levels \u2013 $26,950, $27,200, and $27,500.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-propel-to-28k\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price climbed higher and tested the<\/p>\n","protected":false},"author":3,"featured_media":181516,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Price Sees Technical Correction, Here\u2019s What Could Propel It Back To $28K - 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