{"id":32519,"date":"2023-11-15T03:52:54","date_gmt":"2023-11-15T07:52:54","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=32519"},"modified":"2023-11-15T03:52:54","modified_gmt":"2023-11-15T07:52:54","slug":"bitcoin-price-takes-hit-despite-drop-in-us-cpi-but-bulls-still-in-control","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/15\/bitcoin-price-takes-hit-despite-drop-in-us-cpi-but-bulls-still-in-control\/","title":{"rendered":"Bitcoin Price Takes Hit Despite Drop in US CPI But Bulls Still In Control"},"content":{"rendered":"

Bitcoin price declined below the $36,000 zone. BTC tested the $34,650 support zone and is currently consolidating losses near $35,500.<\/em><\/p>\n

Bitcoin declined heavily after the US CPI declined more than expected.
\nThe price is trading below $36,500 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $36,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could trade in a range before the bulls attempt a new increase in the near term.<\/p>\n

Bitcoin Price Revisits Key Support<\/h2>\n

Bitcoin price failed to surpass the $37,500 resistance<\/a>. BTC started a fresh decline from the $37,423 high and declined below many supports. There was a move below the $36,000 and $35,500 levels. The price even spiked below $35,000.<\/p>\n

It retested the $34,650 support zone. A low was formed near $34,666 and the price is now correcting losses. There was a move above the $35,000 level. The price climbed above the 23.6% Fib retracement level of the recent drop from the $37,423 swing high to the $34,666 low.<\/p>\n

Bitcoin is now trading below $36,500 and the 100 hourly Simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $36,050 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $35,680 level. The next key resistance could be near $36,000 or the trend line. The trend line is close to the 50% Fib retracement level of the recent drop from the $37,423 swing high to the $34,666 low.<\/p>\n

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

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

The first major resistance is near $36,780, above which the price might accelerate further higher. In the stated case, it could test the $37,000 level. Any more gains might send BTC toward the $37,500 level, above which the price could gain bullish momentum and rally toward $38,000.<\/p>\n

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

If Bitcoin fails to rise above the $36,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $35,150 level.<\/p>\n

The next major support is $35,000. If there is a move below $35,000, there is a risk of more downsides. In the stated case, the price could drop toward the key support at $34,650 in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $35,150, followed by $34,650.<\/p>\n

Major Resistance Levels \u2013 $36,000, $36,780, and $37,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price declined below the $36,000 zone. BTC tested the $34,650 support zone and is currently consolidating losses near $35,500.<\/em><\/p>\n

Bitcoin declined heavily after the US CPI declined more than expected.
\nThe price is trading below $36,500 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $36,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could trade in a range before the bulls attempt a new increase in the near term.<\/p>\n

Bitcoin Price Revisits Key Support<\/h2>\n

Bitcoin price failed to surpass the $37,500 resistance<\/a>. BTC started a fresh decline from the $37,423 high and declined below many supports. There was a move below the $36,000 and $35,500 levels. The price even spiked below $35,000.<\/p>\n

It retested the $34,650 support zone. A low was formed near $34,666 and the price is now correcting losses. There was a move above the $35,000 level. The price climbed above the 23.6% Fib retracement level of the recent drop from the $37,423 swing high to the $34,666 low.<\/p>\n

Bitcoin is now trading below $36,500 and the 100 hourly Simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $36,050 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $35,680 level. The next key resistance could be near $36,000 or the trend line. The trend line is close to the 50% Fib retracement level of the recent drop from the $37,423 swing high to the $34,666 low.<\/p>\n

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

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

The first major resistance is near $36,780, above which the price might accelerate further higher. In the stated case, it could test the $37,000 level. Any more gains might send BTC toward the $37,500 level, above which the price could gain bullish momentum and rally toward $38,000.<\/p>\n

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

If Bitcoin fails to rise above the $36,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $35,150 level.<\/p>\n

The next major support is $35,000. If there is a move below $35,000, there is a risk of more downsides. In the stated case, the price could drop toward the key support at $34,650 in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $35,150, followed by $34,650.<\/p>\n

Major Resistance Levels \u2013 $36,000, $36,780, and $37,000.<\/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-32519","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\/32519","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=32519"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32519\/revisions"}],"predecessor-version":[{"id":32530,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32519\/revisions\/32530"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32519"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}