{"id":32599,"date":"2023-11-16T03:53:28","date_gmt":"2023-11-16T07:53:28","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=32599"},"modified":"2023-11-16T03:53:28","modified_gmt":"2023-11-16T07:53:28","slug":"bitcoin-price-rallies-5-and-seems-primed-to-clear-the-38k-hurdle","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/16\/bitcoin-price-rallies-5-and-seems-primed-to-clear-the-38k-hurdle\/","title":{"rendered":"Bitcoin Price Rallies 5% and Seems Primed To Clear the $38K Hurdle"},"content":{"rendered":"

Bitcoin price restarted its increase from the $34,650 support. BTC is up over 5% and now attempting a move above the $38,000 resistance zone.<\/em><\/p>\n

Bitcoin started a fresh rally from the $34,650 support zone.
\nThe price is trading above $36,500 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $36,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move up if it clears the $38,000 resistance zone.<\/p>\n

Bitcoin Price Trims All Losses<\/h2>\n

Bitcoin price started a downside correction from the $38,000 resistance<\/a>. BTC declined below the $36,000 and $35,500 levels. The price even spiked below $35,000. However, the bulls were active near the $34,650 support zone.<\/p>\n

A low was formed near $34,666 and the price started a fresh increase. There was a sharp increase above the $36,000 and $37,000 levels. There was also a break above a major bearish trend line with resistance near $36,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is up over 5% and it retested the $38,000 resistance zone. A high is formed near $37,950 and the price is now consolidating gains. It is also trading above $36,500 and the 100 hourly Simple moving average<\/a> and the 23.6% Fib retracement level of the upward move from the $34,666 swing low to the $37,950 high.<\/p>\n

On the upside, immediate resistance is near the $37,850 level. The next key resistance could be near $38,000 or the recent high. A close above the $38,000 resistance could start a strong increase.<\/p>\n

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

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

The first major resistance is near $38,800, above which the price might accelerate further higher. In the stated case, it could test the $39,200 level. Any more gains might send BTC toward the $40,000 level.<\/p>\n

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

If Bitcoin fails to rise above the $38,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $37,450 level.<\/p>\n

The next major support is $36,500 or the 100 hourly Simple moving average. If there is a move below $36,500, there is a risk of more downsides. In the stated case, the price could drop toward the $35,850 support 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 60 level.<\/p>\n

Major Support Levels \u2013 $37,450, followed by $36,500.<\/p>\n

Major Resistance Levels \u2013 $37,850, $38,000, and $38,800.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price restarted its increase from the $34,650 support. BTC is up over 5% and now attempting a move above the $38,000 resistance zone.<\/em><\/p>\n

Bitcoin started a fresh rally from the $34,650 support zone.
\nThe price is trading above $36,500 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $36,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move up if it clears the $38,000 resistance zone.<\/p>\n

Bitcoin Price Trims All Losses<\/h2>\n

Bitcoin price started a downside correction from the $38,000 resistance<\/a>. BTC declined below the $36,000 and $35,500 levels. The price even spiked below $35,000. However, the bulls were active near the $34,650 support zone.<\/p>\n

A low was formed near $34,666 and the price started a fresh increase. There was a sharp increase above the $36,000 and $37,000 levels. There was also a break above a major bearish trend line with resistance near $36,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is up over 5% and it retested the $38,000 resistance zone. A high is formed near $37,950 and the price is now consolidating gains. It is also trading above $36,500 and the 100 hourly Simple moving average<\/a> and the 23.6% Fib retracement level of the upward move from the $34,666 swing low to the $37,950 high.<\/p>\n

On the upside, immediate resistance is near the $37,850 level. The next key resistance could be near $38,000 or the recent high. A close above the $38,000 resistance could start a strong increase.<\/p>\n

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

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

The first major resistance is near $38,800, above which the price might accelerate further higher. In the stated case, it could test the $39,200 level. Any more gains might send BTC toward the $40,000 level.<\/p>\n

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

If Bitcoin fails to rise above the $38,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $37,450 level.<\/p>\n

The next major support is $36,500 or the 100 hourly Simple moving average. If there is a move below $36,500, there is a risk of more downsides. In the stated case, the price could drop toward the $35,850 support 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 60 level.<\/p>\n

Major Support Levels \u2013 $37,450, followed by $36,500.<\/p>\n

Major Resistance Levels \u2013 $37,850, $38,000, and $38,800.<\/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-32599","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\/32599","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=32599"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32599\/revisions"}],"predecessor-version":[{"id":32608,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32599\/revisions\/32608"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32599"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}