{"id":26068,"date":"2023-06-10T20:12:33","date_gmt":"2023-06-10T23:12:33","guid":{"rendered":"https:\/\/tiproject.online\/index.php\/2023\/06\/10\/btc-bears-in-the-driving-seat-with-sub-26000-the-near-term-target\/"},"modified":"2023-06-10T20:12:33","modified_gmt":"2023-06-10T23:12:33","slug":"btc-bears-in-the-driving-seat-with-sub-26000-the-near-term-target","status":"publish","type":"post","link":"https:\/\/tiproject.online\/index.php\/2023\/06\/10\/btc-bears-in-the-driving-seat-with-sub-26000-the-near-term-target\/","title":{"rendered":"BTC Bears in the Driving Seat with Sub-$26,000 the Near-Term Target"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div>\n<h3 id=\"key-insights\">Key Insights:<\/h3>\n<ul>\n<li><strong>On Friday, BTC slipped by 0.09% to end the day at $26,502.<\/strong><\/li>\n<li><strong>Binance news continued to grip the crypto news wires following the SEC filings.<\/strong><\/li>\n<li><strong>The technical indicators remained bearish, signaling a return to sub-$26,000.<\/strong><\/li>\n<\/ul>\n<p>On Friday, bitcoin (<a href=\"https:\/\/www.fxempire.com\/crypto\/bitcoin\" target=\"_blank\" rel=\"noopener noreferrer\">BTC<\/a>) slipped by 0.09%. Partially reversing a 0.63% gain from Thursday, BTC ended the day at $26,502. Significantly, BTC fell short of the $27,000 handle for the second time since May 27.<\/p>\n<p>A choppy start to the day saw BTC fall to an early morning low of $26,302. Steering clear of the First Major Support Level (S1) at $26,228, BTC rose to a mid-afternoon high of $26,804. However, falling short of the First Major Resistance Level (R1) at $26,835, BTC eased back to end the day at $26,502.<\/p>\n<\/div>\n<\/div>\n<div>\n<div>\n<h2 id=\"binance-news-continued-to-test-buyer-appetite\">Binance News Continued to Test Buyer Appetite<\/h2>\n<p>It was a quiet Friday on the US economic calendar. There were no US economic indicators for investors to consider, leaving the crypto news wires to influence.<\/p>\n<p>News of <a href=\"https:\/\/www.fxempire.com\/crypto\/exchange\/binance\/review\" target=\"_blank\" rel=\"noopener noreferrer\">Binance<\/a> US planning to halt dollar withdrawals and removing the option to deposit US dollars weighed on investor sentiment. However, Binance US <a href=\"https:\/\/twitter.com\/BinanceUS\/status\/1666996908651323393?s=20\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">announced<\/a> it would temporarily be a crypto-only exchange, which calmed the markets.<\/p>\n<p>While Binance US-related news was the focal point, news of Robinhood (<a href=\"https:\/\/www.fxempire.com\/stocks\/hood\">HOOD<\/a>) <a href=\"https:\/\/robinhood.com\/us\/en\/support\/articles\/cardano-polygon-solana-update\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">delisting<\/a> cardano (<a href=\"https:\/\/www.fxempire.com\/crypto\/cardano\">ADA<\/a>), polygon (<a href=\"https:\/\/www.fxempire.com\/crypto\/polygon\">MATIC<\/a>), and solana (<a href=\"https:\/\/www.fxempire.com\/crypto\/solana\">SOL<\/a>) added to the bearish mood.<\/p>\n<\/div>\n<\/div>\n<div>\n<div>\n<h2 id=\"the-day-ahead\">The Day Ahead<\/h2>\n<p>It is a quiet Saturday session. With no US economic indicators for investors to consider, the crypto news wires will continue to provide direction.<\/p>\n<p>SEC activity, updates from the\u00a0<a href=\"https:\/\/www.fxempire.com\/news\/article\/crypto-investors-bet-on-xrp-while-the-broader-market-struggles-846438\" target=\"_blank\" rel=\"noopener noreferrer\">SEC v Ripple<\/a>, SEC v Binance, and SEC v\u00a0<a href=\"https:\/\/www.fxempire.com\/crypto\/exchange\/coinbase\/review\" target=\"_blank\" rel=\"noopener noreferrer\">Coinbase<\/a>\u00a0(<a href=\"https:\/\/www.fxempire.com\/stocks\/coin\" target=\"_blank\" rel=\"noopener noreferrer\">COIN<\/a>) cases, and respective platforms and US lawmaker chatter will need tracking.<\/p>\n<h2 id=\"bitcoin-btc-price-action\">Bitcoin (BTC) Price Action<\/h2>\n<p>This morning, BTC was down 0.27% to $26,430. A mixed start to the day saw BTC rise to an early high of $26,556 before falling to a low of $26,342.<\/p>\n<figure id=\"attachment_1353463\" aria-describedby=\"caption-attachment-1353463\" class=\"wp-caption alignnone\"\/><\/div>\n<\/div>\n<div>\n<div><figcaption id=\"caption-attachment-1353463\" class=\"wp-caption-text\">BTCUSD 100623 Daily Chart<\/figcaption><h2 id=\"btc-technical-indicators\">BTC Technical Indicators<\/h2>\n<p><strong><em>Resistance &amp; Support Levels<\/em><\/strong><\/p>\n<p>BTC needs to move through the $26,536 <a href=\"https:\/\/www.fxempire.com\/education\/article\/support-and-resistance-pivot-analysis-822845\">pivot<\/a>\u00a0to target the First Major Resistance Level (R1) at $26,770 and the Friday high of $26,804. A move through the morning high of $26,556 would signal an extended bullish session. The crypto news wires should be crypto-friendly to support an extended rally.<\/p>\n<p>In the event of an extended rally, BTC would likely test the Second Major Resistance Level (R2) at $27,038 and resistance at $27,500. The Third Major Resistance Level (R3) sits at $27,540.<\/p>\n<p>Failure to move through the pivot would leave the First Major Support Level (S1) at $26,268 in play. However, barring an event-fueled sell-off, BTC should avoid sub-$26,000. The Second Major Support Level (S2) at $26,034 should limit the downside. The Third Major Support Level (S3) sits at $25,532.<\/p>\n<figure id=\"attachment_1353464\" aria-describedby=\"caption-attachment-1353464\" class=\"wp-caption alignnone\"\/><\/div>\n<\/div>\n<div>\n<div><figcaption id=\"caption-attachment-1353464\" class=\"wp-caption-text\">BTCUSD 100623 Hourly Chart<\/figcaption><p>Looking at the\u00a0<a href=\"https:\/\/www.fxempire.com\/education\/article\/the-complete-guide-to-trend-following-indicators-708117\" target=\"_blank\" rel=\"noopener noreferrer\">EMAs<\/a>\u00a0and the 4-hourly candlestick chart (below), the EMAs sent bearish signals. BTC sat below the 50-day EMA ($26,676). The 50-day EMA fell back from the 100-day EMA, with the 100-day EMA pulling back from the 200-day EMA, sending bearish signals.<\/p>\n<p>A move through the 50-day EMA ($26,676) would support a breakout from R1 ($26,770) and the 100-day EMA ($26,853) to give the bulls a run at R2 ($27,038) and the 200-day EMA ($27,126). However, failure to move through the 50-day EMA ($26,676) would leave S1 ($26,268) in view. A move through the 50-day EMA would send a bullish signal.<\/p>\n<figure id=\"attachment_1353465\" aria-describedby=\"caption-attachment-1353465\" class=\"wp-caption alignnone\"\/><\/div>\n<\/div>\n<div>\n<p><figcaption id=\"caption-attachment-1353465\" class=\"wp-caption-text\">BTCUSD 100623 4 Hourly Chart<\/figcaption><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.fxempire.com\/forecasts\/article\/btc-bears-in-the-driving-seat-with-sub-26000-the-near-term-target-1353462\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Key Insights: On Friday, BTC slipped by 0.09% to end the day at $26,502. Binance news continued to grip the crypto news wires following the SEC filings. The technical indicators remained bearish, signaling a return to sub-$26,000. On Friday, bitcoin (BTC) slipped by 0.09%. Partially reversing a 0.63% gain from Thursday, BTC ended the day at $26,502. Significantly, BTC fell short of the $27,000 handle for the second time since May 27. A choppy start to the day saw BTC fall to an early morning low of $26,302. Steering clear of the First Major Support Level (S1) at $26,228, BTC rose to a mid-afternoon high of $26,804. However, falling short of the First Major Resistance Level (R1) at $26,835, BTC eased back to end the day at $26,502. Binance News Continued to Test Buyer Appetite It was a quiet Friday on the US economic calendar. There were no US economic indicators for investors to consider, leaving the crypto news wires to influence. News of Binance US planning to halt dollar withdrawals and removing the option to deposit US dollars weighed on investor sentiment. However, Binance US announced it would temporarily be a crypto-only exchange, which calmed the markets. While Binance US-related news was the focal point, news of Robinhood (HOOD) delisting cardano (ADA), polygon (MATIC), and solana (SOL) added to the bearish mood. The Day Ahead It is a quiet Saturday session. With no US economic indicators for investors to consider, the crypto news wires will continue to provide direction. SEC activity, updates from the\u00a0SEC v Ripple, SEC v Binance, and SEC v\u00a0Coinbase\u00a0(COIN) cases, and respective platforms and US lawmaker chatter will need tracking. Bitcoin (BTC) Price Action This morning, BTC was down 0.27% to $26,430. A mixed start to the day saw BTC rise to an early high of $26,556 before falling to a low of $26,342. BTCUSD 100623 Daily ChartBTC Technical Indicators Resistance &amp; Support Levels BTC needs to move through the $26,536 pivot\u00a0to target the First Major Resistance Level (R1) at $26,770 and the Friday high of $26,804. A move through the morning high of $26,556 would signal an extended bullish session. The crypto news wires should be crypto-friendly to support an extended rally. In the event of an extended rally, BTC would likely test the Second Major Resistance Level (R2) at $27,038 and resistance at $27,500. The Third Major Resistance Level (R3) sits at $27,540. Failure to move through the pivot would leave the First Major Support Level (S1) at $26,268 in play. However, barring an event-fueled sell-off, BTC should avoid sub-$26,000. The Second Major Support Level (S2) at $26,034 should limit the downside. The Third Major Support Level (S3) sits at $25,532. BTCUSD 100623 Hourly ChartLooking at the\u00a0EMAs\u00a0and the 4-hourly candlestick chart (below), the EMAs sent bearish signals. BTC sat below the 50-day EMA ($26,676). The 50-day EMA fell back from the 100-day EMA, with the 100-day EMA pulling back from the 200-day EMA, sending bearish signals. A move through the 50-day EMA ($26,676) would support a breakout from R1 ($26,770) and the 100-day EMA ($26,853) to give the bulls a run at R2 ($27,038) and the 200-day EMA ($27,126). However, failure to move through the 50-day EMA ($26,676) would leave S1 ($26,268) in view. A move through the 50-day EMA would send a bullish signal. BTCUSD 100623 4 Hourly Chart [ad_2] Source link<\/p>\n","protected":false},"author":1,"featured_media":26069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-26068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financas"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts\/26068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/comments?post=26068"}],"version-history":[{"count":0,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts\/26068\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/media\/26069"}],"wp:attachment":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/media?parent=26068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/categories?post=26068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/tags?post=26068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}