{"id":32066,"date":"2023-11-08T03:52:45","date_gmt":"2023-11-08T07:52:45","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=32066"},"modified":"2023-11-08T03:52:45","modified_gmt":"2023-11-08T07:52:45","slug":"bitcoin-price-rejects-36k-why-dips-in-btc-are-still-attractive","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/08\/bitcoin-price-rejects-36k-why-dips-in-btc-are-still-attractive\/","title":{"rendered":"Bitcoin Price Rejects $36K: Why Dips In BTC Are Still Attractive"},"content":{"rendered":"

Bitcoin price made another attempt to clear the $36,000 resistance. BTC struggled again and is now correcting lower toward the $35,200 support.<\/em><\/p>\n

Bitcoin again failed to clear the key $36,000 resistance zone.
\nThe price is trading above $35,000 and the 100 hourly Simple moving average.
\nThere was a break above a major contracting triangle with resistance near $35,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is correcting gains and might find support near $35,200 or $35,000.<\/p>\n

Bitcoin Price Faces Uphill Task<\/h2>\n

Bitcoin price remained stable above the $34,000 support zone<\/a>. BTC attempted a fresh increase above the $35,250 resistance zone. There was a break above a major contracting triangle with resistance near $35,000 on the hourly chart.<\/p>\n

It even cleared the $35,500 resistance, but the bears were active near the $36,000 zone. A high was formed near $35,900 and the price is again moving lower. There was a move below the $35,500 level. The price declined below the 23.6% Fib retracement level of the upward move from the $34,560 swing low to the $35,900 high.<\/p>\n

Bitcoin is now trading above $35,000 and the 100 hourly Simple moving average<\/a>. It seems to be approaching the $35,200 support or the 50% Fib retracement level of the upward move from the $34,560 swing low to the $35,900 high.<\/p>\n

If it stays above $35,200, there might be a fresh increase. On the upside, immediate resistance is near the $35,560 level. The next key resistance could be near $35,900 or the recent high. The main resistance is still near $36,000. A clear move above the $36,000 resistance might open the doors for a move toward the $37,000 resistance.<\/p>\n

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

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

The next key resistance could be $37,500, above which the price could rise toward $38,000. Any more gains might send BTC toward the $38,800 level.<\/p>\n

More Downsides In BTC?<\/h2>\n

If Bitcoin fails to rise above the $35,560 resistance zone, it could continue to move down. Immediate support on the downside is near the $35,200 low.<\/p>\n

The next major support is near the $35,000 zone or the 100 hourly SMA. If there is a move below $35,000, there is a risk of more downsides. In the stated case, the price could revisit the $34,000 support level in the near term.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $35,200, followed by $35,000.<\/p>\n

Major Resistance Levels \u2013 $35,560, $35,900, and $36,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price made another attempt to clear the $36,000 resistance. BTC struggled again and is now correcting lower toward the $35,200 support.<\/em><\/p>\n

Bitcoin again failed to clear the key $36,000 resistance zone.
\nThe price is trading above $35,000 and the 100 hourly Simple moving average.
\nThere was a break above a major contracting triangle with resistance near $35,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is correcting gains and might find support near $35,200 or $35,000.<\/p>\n

Bitcoin Price Faces Uphill Task<\/h2>\n

Bitcoin price remained stable above the $34,000 support zone<\/a>. BTC attempted a fresh increase above the $35,250 resistance zone. There was a break above a major contracting triangle with resistance near $35,000 on the hourly chart.<\/p>\n

It even cleared the $35,500 resistance, but the bears were active near the $36,000 zone. A high was formed near $35,900 and the price is again moving lower. There was a move below the $35,500 level. The price declined below the 23.6% Fib retracement level of the upward move from the $34,560 swing low to the $35,900 high.<\/p>\n

Bitcoin is now trading above $35,000 and the 100 hourly Simple moving average<\/a>. It seems to be approaching the $35,200 support or the 50% Fib retracement level of the upward move from the $34,560 swing low to the $35,900 high.<\/p>\n

If it stays above $35,200, there might be a fresh increase. On the upside, immediate resistance is near the $35,560 level. The next key resistance could be near $35,900 or the recent high. The main resistance is still near $36,000. A clear move above the $36,000 resistance might open the doors for a move toward the $37,000 resistance.<\/p>\n

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

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

The next key resistance could be $37,500, above which the price could rise toward $38,000. Any more gains might send BTC toward the $38,800 level.<\/p>\n

More Downsides In BTC?<\/h2>\n

If Bitcoin fails to rise above the $35,560 resistance zone, it could continue to move down. Immediate support on the downside is near the $35,200 low.<\/p>\n

The next major support is near the $35,000 zone or the 100 hourly SMA. If there is a move below $35,000, there is a risk of more downsides. In the stated case, the price could revisit the $34,000 support level in the near term.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $35,200, followed by $35,000.<\/p>\n

Major Resistance Levels \u2013 $35,560, $35,900, and $36,000.<\/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-32066","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\/32066","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=32066"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32066\/revisions"}],"predecessor-version":[{"id":32078,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32066\/revisions\/32078"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32066"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}