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

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,126,529,253,528	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,126,529,253,528

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-3,159.87	-5.21%	57,440.41	57,440.40	57,440.41

Price Change

Price Change %

Current Price

Bid Price

Offer

-3,159.87

-5.21%

57,440.41

57,440.40

57,440.41

High Price	Low Price	Open Price	Prev. Close	52 Week Range
60,785.49	56,500.00	60,649.57	60,600.28	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

60,785.49

56,500.00

60,649.57

60,600.28

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	15:37:44	0.097384	57,440.41	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

15:37:44

0.097384

57,440.41

USD

Price x Volume	Volume	Base Symbol	Related Pairs
957,816,730.56	16,504.51	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

957,816,730.56

16,504.51

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

23/03/2023 4:13am

NEWSBTC

Bitcoin price started a downside correction from the $28,500 resistance zone. BTC found support near $26,600 and is currently attempting a fresh increase. Bitcoin is moving higher above the $27,000 resistance. The price is trading below $27,800 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $27,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rally again if there is a clear move above the $28,000 resistance zone. Bitcoin Price Eyes Fresh Increase Bitcoin price failed to clear the $28,500 resistance zone and reacted to the downside. The fed increased rates from 4.75% to 5%, which resulted in a bearish reaction. BTC declined below the $27,500 support zone. Besides, there was a break below a key bullish trend line with support near $27,900 on the hourly chart of the BTC/USD pair. The pair even traded below the $27,000 level. A low is formed near $26,623 and the price is now correcting losses. Bitcoin price climbed above the 23.6% Fib retracement level of the downward move from the $28,879 swing high to $26,623 low. It is still trading below $27,800 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $27,750 level and trading below $27,800 and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the downward move from the $28,879 swing high to $26,623 low. Source: BTCUSD on TradingView.com The next major resistance is near the $28,000 zone. A close above the $28,000 resistance might start another major increase. In the stated case, the price could rise towards the $28,500 level. Any more gains might send the price towards the $28,850 resistance zone. Dips Supported in BTC? If bitcoin price fails to clear the $28,000 resistance, it could start anther decline. An immediate support on the downside is near the $27,000 zone. The next major support is near the $26,600 zone. Any more losses might send the price towards the $26,000 support zone. The next major support is near the $25,200 level. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $27,000, followed by $26,600. Major Resistance Levels – $27,750, $28,000 and $28,500.

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