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{"id":424803,"date":"2020-05-22T03:58:16","date_gmt":"2020-05-22T03:58:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=424803"},"modified":"2024-06-11T13:49:11","modified_gmt":"2024-06-11T13:49:11","slug":"bitcoin-btc-could-decline-further","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-could-decline-further\/","title":{"rendered":"Bitcoin Saw A Key Technical Breakdown: Here’s Why BTC Could Decline Further"},"content":{"rendered":"

Bitcoin started a strong decline after it broke the key $9,500 support against the US Dollar. BTC price is currently correcting higher from the $8,794 low, but upsides are likely to remain capped.<\/em><\/p>\n

\n
Bitcoin is down more than 5% and it broke many key supports near $9,500 and $9,150.<\/li>\n
The price is now trading well below the $9,250 pivot level and the 100 hourly simple moving average.<\/li>\n
There is a key connecting bearish trend line forming with resistance near $9,220 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to face a strong selling interest near the $9,220, $9,250 and $9,300 levels.<\/li>\n<\/ul>\n
Bitcoin Turns Red<\/h2>\n
Bitcoin price started a strong decline after it failed to climb above $9,800 against the US Dollar. BTC price broke many supports near $9,540 and $9,500 to enter a bearish zone (as discussed yesterday<\/a>).<\/p>\n
There was a sharp slide below the $9,250 and $9,150 support levels. It even dived below $9,000 and settled well below the 100 hourly simple moving average. It traded to a new weekly low at $8,794 before starting an upside correction.<\/p>\n
Bitcoin recovered above the $9,000 resistance level. It also managed to recover above the 23.6% Fib retracement level of the recent slide from the $9,842 high to $8,794 low.<\/p>\n
On the upside, there are many hurdles forming near the $9,220, $9,250 and $9,300 levels. There is also a key connecting bearish trend line forming with resistance near $9,220 on the hourly chart<\/a> of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
The trend line is close to the 50% Fib retracement level of the recent slide from the $9,842 high to $8,794 low. Therefore, the price is likely to face a strong selling interest<\/a> near the $9,220, $9,250 and $9,300 levels in the near term.<\/p>\n
BTC\u2019s Bearish Extension<\/h2>\n
If bitcoin fails to correct above the $9,150 and $9,250 resistance levels, it is likely to continue lower. An initial support on the downside is near the $9,000 level.<\/p>\n
A daily close below the $9,000 level might start another bearish wave. The next key support is near the $8,800 level, below which the price is likely to dive towards the $8,500 support zone. Any further losses may perhaps lead the price towards $8,200.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is currently in the bullish zone, but it could turn bearish again.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering towards the 45 level.<\/p>\n
Major Support Levels \u2013 $9,000 followed by $8,800.<\/p>\n
Major Resistance Levels \u2013 $9,130, $9,250 and $9,300.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin started a strong decline after it broke the key $9,500 support against the US Dollar. BTC price is currently correcting higher from the $8,794 low, but upsides are likely to remain capped. Bitcoin is down more than 5% and it broke many key supports near $9,500 and $9,150. The price is now trading well below the $9,250 pivot level and the 100 hourly simple moving average. There is a key connecting bearish trend line forming with resistance near $9,220 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to face a strong selling interest near the $9,220, $9,250 and $9,300 levels. Bitcoin Turns Red Bitcoin price started a strong decline after it failed to climb above $9,800 against the US Dollar. BTC price broke many supports near $9,540 and $9,500 to enter a bearish zone (as discussed yesterday). There was a sharp slide below the $9,250 and $9,150 support levels. It even dived below $9,000 and settled well below the 100 hourly simple moving average. It traded to a new weekly low at $8,794 before starting an upside correction. Bitcoin recovered above the $9,000 resistance level. It also managed to recover above the 23.6% Fib retracement level of the recent slide from the $9,842 high to $8,794 low. On the upside, there are many hurdles forming near the $9,220, $9,250 and $9,300 levels. There is also a key connecting bearish trend line forming with resistance near $9,220 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the recent slide from the $9,842 high to $8,794 low. Therefore, the price is likely to face a strong selling interest near the $9,220, $9,250 and $9,300 levels in the near term. BTC\u2019s Bearish Extension If bitcoin fails to correct above the $9,150 and $9,250 resistance levels, it is likely to continue lower. An initial support on the downside is near the $9,000 level. A daily close below the $9,000 level might start another bearish wave. The next key support is near the $8,800 level, below which the price is likely to dive towards the $8,500 support zone. Any further losses may perhaps lead the price towards $8,200. Technical indicators: Hourly MACD \u2013 The MACD is currently in the bullish zone, but it could turn bearish again. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering towards the 45 level. Major Support Levels \u2013 $9,000 followed by $8,800. Major Resistance Levels \u2013 $9,130, $9,250 and $9,300.<\/p>\n","protected":false},"author":67,"featured_media":424805,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-424803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Saw A Key Technical Breakdown: Here's Why BTC Could Decline Further<\/title>\n<meta name=\"description\" content=\"Bitcoin started a strong decline after it broke the key $9,500 support against the US Dollar. 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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:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Saw A Key Technical Breakdown: Here’s Why BTC Could Decline Further","url":"http:\/\/uniquehot.com\/news\/bitcoin-btc-could-decline-further\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-btc-could-decline-further\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/shutterstock_1181443780-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/shutterstock_1181443780-scaled.jpg?fit=2560%2C1920"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2020-05-22T03:58:16Z","datePublished":"2020-05-22T03:58:16Z","dateModified":"2024-06-11T13:49:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Saw A Key Technical Breakdown: Here’s Why BTC Could Decline Further\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-could-decline-further\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-could-decline-further\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/shutterstock_1181443780-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/shutterstock_1181443780-scaled.jpg?fit=2560%2C1920\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2020-05-22T03:58:16Z\",\"datePublished\":\"2020-05-22T03:58:16Z\",\"dateModified\":\"2024-06-11T13:49:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/shutterstock_1181443780-scaled.jpg?fit=2560%2C1920","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/424803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=424803"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/424803\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/424805"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=424803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=424803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=424803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}