{"id":1282778,"date":"2023-10-06T04:20:26","date_gmt":"2023-10-06T03:20:26","guid":{"rendered":"https:\/\/www.businesstelegraph.co.uk\/bitcoin-price-is-showing-early-signs-of-fresh-drop-27200-is-the-key\/"},"modified":"2023-10-06T04:20:26","modified_gmt":"2023-10-06T03:20:26","slug":"bitcoin-price-is-showing-early-signs-of-fresh-drop-27200-is-the-key","status":"publish","type":"post","link":"https:\/\/www.businesstelegraph.co.uk\/bitcoin-price-is-showing-early-signs-of-fresh-drop-27200-is-the-key\/","title":{"rendered":"Bitcoin Price Is Showing Early Signs of Fresh Drop, $27,200 Is The Key"},"content":{"rendered":"<p> <script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- newscabal uk text -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:inline-block;width:728px;height:90px\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"3688094655\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p><em>Bitcoin price is struggling to rise above the $27,800 resistance zone. BTC could extend its decline if there is a clear move below the $27,200 support zone.<\/em><\/p>\n<ul>\n<li>Bitcoin is struggling to start a fresh increase above the $27,800 resistance zone.<\/li>\n<li>The price is trading below $27,700 and the 100 hourly Simple moving average.<\/li>\n<li>There was a break below a key rising channel with support near $27,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start another decline if there is a close below the $27,200 support.<\/li>\n<\/ul>\n<h2>Bitcoin Price Faces Uphill Task<\/h2>\n<p>Bitcoin price attempted a fresh increase from the <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-restart-increase-28000\/\" target=\"_blank\" rel=\"noopener\">$27,200 support zone<\/a> after a downside correction. BTC managed to recover above the $27,500 resistance zone.<\/p>\n<p>The price climbed above the 50% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. However, the bears remained active near the $28,000 resistance zone. The price struggled to settle above the $27,850 level.<\/p>\n<p>Bitcoin got rejected near the 61.8% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. It saw a fresh decline below $27,500.<\/p>\n<p>Besides, there was a break below a key rising channel with support near $27,650 on the hourly chart of the BTC\/USD pair. The bulls are now protecting the $27,200 support zone. It is trading below $27,700 and the <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-key-juncture-27200\/\" target=\"_blank\" rel=\"noopener\">100 hourly Simple moving average<\/a>.<\/p>\n<p><a href=\"http:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/10\/Bitcoin-Price-Is-Showing-Early-Signs-of-Fresh-Drop-27200.png\"><img decoding=\"async\" class=\"alignnone size-full wp-image-554315\" src=\"http:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/10\/Bitcoin-Price-Is-Showing-Early-Signs-of-Fresh-Drop-27200.png\" alt=\"Bitcoin Price\" width=\"1024\" height=\"468\"   loading=\"lazy\" data-recalc-dims=\"1\"\/><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener\">BTCUSD on TradingView.com<\/a><\/p>\n<p>Immediate resistance on the upside is near the $27,650 level. The next key resistance could be near the $28,000 level. A close above the $28,000 resistance could start another increase. In the stated case, the price could rise toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to continue higher above the $27,800 resistance, there could be more losses. Immediate support on the downside is near the $27,400 level.<\/p>\n<p>The next major support is near the $27,200 level. A downside break and close below the $27,200 level might push the price further lower toward $26,800 in the near term. The next support sits at $26,200.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish 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 $27,400, followed by $27,200.<\/p>\n<p>Major Resistance Levels \u2013 $27,800, $28,000, and $28,500.<\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"7859258044\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-fresh-drop-27200\/\">READ SOURCE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is struggling to rise above the $27,800 resistance zone. BTC could extend its decline if there is a clear move below the $27,200 support zone. Bitcoin is struggling to start a fresh increase above the $27,800 resistance zone. The price is trading below $27,700 and the 100 hourly Simple moving average. There was [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":942178,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_oct_exclude_from_cache":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1282778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Price Is Showing Early Signs of Fresh Drop, $27,200 Is The Key - Business Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-fresh-drop-27200\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Is Showing Early Signs of Fresh Drop, $27,200 Is The Key - Business Telegraph\" \/>\n<meta property=\"og:description\" content=\"Bitcoin price is struggling to rise above the $27,800 resistance zone. BTC could extend its decline if there is a clear move below the $27,200 support zone. Bitcoin is struggling to start a fresh increase above the $27,800 resistance zone. The price is trading below $27,700 and the 100 hourly Simple moving average. 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