{"id":31948,"date":"2023-11-06T03:56:14","date_gmt":"2023-11-06T07:56:14","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31948"},"modified":"2023-11-06T03:56:14","modified_gmt":"2023-11-06T07:56:14","slug":"bitcoin-price-faces-big-challenge-can-bulls-send-btc-to-37k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/06\/bitcoin-price-faces-big-challenge-can-bulls-send-btc-to-37k\/","title":{"rendered":"Bitcoin Price Faces Big Challenge \u2013 Can Bulls Send BTC To $37K?"},"content":{"rendered":"

Bitcoin price is facing a major hurdle near $35,250. BTC could rally toward $37,000 once it clears the $35,250 and $35,500 resistance levels.<\/em><\/p>\n

Bitcoin is aiming for a fresh move above the $36,000 resistance zone.
\nThe price is trading near $34,850 and the 100 hourly Simple moving average.
\nThere is a key contracting triangle forming with support near $34,320 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must stay above the $34,150 support to start a fresh increase in the near term.<\/p>\n

Bitcoin Price Eyes More Gains<\/h2>\n

Bitcoin price remained well-bid above the $34,000 support zone<\/a>. BTC climbed higher above the $34,500 and $34,650 resistance levels to start another increase.<\/p>\n

There was a move above the 50% Fib retracement level of the downward move from the $35,945 swing high to the $34,133 swing low. However, the bears were active above the $35,200 level. The price seems to be facing a major hurdle near the $35,250 level.<\/p>\n

Bitcoin is struggling to clear the 61.8% Fib retracement level of the downward move from the $35,945 swing high to the $34,133 swing low. It is now trading near $34,850 and the 100 hourly Simple moving average<\/a>.<\/p>\n

There is also a key contracting triangle forming with support near $34,320 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $35,050 level. The next key resistance could be near $35,250 or the triangle upper trend line.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A clear move above the $35,250 resistance might open the doors for a move toward the $35,500 resistance. The next key resistance could be $36,000, above which the price could rise toward $37,000. Any more gains might send BTC toward the $37,500 level.<\/p>\n

Downside Continuation In BTC?<\/h2>\n

If Bitcoin fails to rise above the $35,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,500 low.<\/p>\n

The next major support is near the $34,150 zone. If there is a move below $34,150, there is a risk of more downsides. In the stated case, the price could even decline below the $34,000 support level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $34,500, followed by $34,150.<\/p>\n

Major Resistance Levels \u2013 $35,050, $35,250, and $35,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is facing a major hurdle near $35,250. BTC could rally toward $37,000 once it clears the $35,250 and $35,500 resistance levels.<\/em><\/p>\n

Bitcoin is aiming for a fresh move above the $36,000 resistance zone.
\nThe price is trading near $34,850 and the 100 hourly Simple moving average.
\nThere is a key contracting triangle forming with support near $34,320 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must stay above the $34,150 support to start a fresh increase in the near term.<\/p>\n

Bitcoin Price Eyes More Gains<\/h2>\n

Bitcoin price remained well-bid above the $34,000 support zone<\/a>. BTC climbed higher above the $34,500 and $34,650 resistance levels to start another increase.<\/p>\n

There was a move above the 50% Fib retracement level of the downward move from the $35,945 swing high to the $34,133 swing low. However, the bears were active above the $35,200 level. The price seems to be facing a major hurdle near the $35,250 level.<\/p>\n

Bitcoin is struggling to clear the 61.8% Fib retracement level of the downward move from the $35,945 swing high to the $34,133 swing low. It is now trading near $34,850 and the 100 hourly Simple moving average<\/a>.<\/p>\n

There is also a key contracting triangle forming with support near $34,320 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $35,050 level. The next key resistance could be near $35,250 or the triangle upper trend line.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A clear move above the $35,250 resistance might open the doors for a move toward the $35,500 resistance. The next key resistance could be $36,000, above which the price could rise toward $37,000. Any more gains might send BTC toward the $37,500 level.<\/p>\n

Downside Continuation In BTC?<\/h2>\n

If Bitcoin fails to rise above the $35,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,500 low.<\/p>\n

The next major support is near the $34,150 zone. If there is a move below $34,150, there is a risk of more downsides. In the stated case, the price could even decline below the $34,000 support level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $34,500, followed by $34,150.<\/p>\n

Major Resistance Levels \u2013 $35,050, $35,250, and $35,500.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-31948","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=31948"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31948\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31948"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}