{"id":32943,"date":"2023-11-22T03:52:57","date_gmt":"2023-11-22T07:52:57","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=32943"},"modified":"2023-11-22T03:52:57","modified_gmt":"2023-11-22T07:52:57","slug":"bitcoin-price-plunge-due-to-binances-settlement-could-be-buy-dips-heres-why","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/22\/bitcoin-price-plunge-due-to-binances-settlement-could-be-buy-dips-heres-why\/","title":{"rendered":"Bitcoin Price Plunge Due to Binance\u2019s Settlement Could Be \u2018Buy Dips\u2019 \u2013 Here\u2019s Why"},"content":{"rendered":"

Bitcoin price declined over 4% and traded below the $36,500 support. BTC is still holding the key $35,650 support zone and dips might attract buyers.<\/em><\/p>\n

Bitcoin started a fresh decline after reports of Binance\u2019s settlement and CZ stepping down.
\nThe price is trading below $37,000 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support near $36,980 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could struggle in the short term, but dips might be attractive to the bulls.<\/p>\n

Bitcoin Price Takes Hit<\/h2>\n

Bitcoin price failed to continue higher above the $37,800 resistance zone<\/a>. BTC formed a short-term top and started a fresh decline after reports of Binance\u2019s settlement and CZ stepping down.<\/p>\n

There was a sharp decline below the $37,000 level. There was a break below a key bullish trend line with support near $36,980 on the hourly chart of the BTC\/USD pair. The pair even broke the $36,500 support zone<\/a>. Finally, it spiked below the $36,000 level.<\/p>\n

A low is formed near $35,645 and the price is now consolidating losses. It recovered above the 23.6% Fib retracement level of the downward move from the $37,777 swing high to the $35,645 low.<\/p>\n

Bitcoin is now trading below $37,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $36,500 level. The main resistance is now forming near the $36,700 level or the 50% Fib retracement level of the downward move from the $37,777 swing high to the $35,645 low.<\/p>\n

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

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

A close above the $36,700 resistance might start a decent increase. The next key resistance could be near $37,000. A clear move above the $37,000 resistance could send the price further higher toward the $37,500 level. In the stated case, it could even test the $37,800 resistance.<\/p>\n

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

If Bitcoin fails to rise above the $36,700 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $36,000 level.<\/p>\n

The next major support is $35,650. If there is a move below $35,650, there is a risk of more downsides. In the stated case, the price could drop toward the $34,700 support in the near term. The next key support or target could be $34,200.<\/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 $36,000, followed by $35,650.<\/p>\n

Major Resistance Levels \u2013 $36,500, $36,700, and $37,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price declined over 4% and traded below the $36,500 support. BTC is still holding the key $35,650 support zone and dips might attract buyers.<\/em><\/p>\n

Bitcoin started a fresh decline after reports of Binance\u2019s settlement and CZ stepping down.
\nThe price is trading below $37,000 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support near $36,980 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could struggle in the short term, but dips might be attractive to the bulls.<\/p>\n

Bitcoin Price Takes Hit<\/h2>\n

Bitcoin price failed to continue higher above the $37,800 resistance zone<\/a>. BTC formed a short-term top and started a fresh decline after reports of Binance\u2019s settlement and CZ stepping down.<\/p>\n

There was a sharp decline below the $37,000 level. There was a break below a key bullish trend line with support near $36,980 on the hourly chart of the BTC\/USD pair. The pair even broke the $36,500 support zone<\/a>. Finally, it spiked below the $36,000 level.<\/p>\n

A low is formed near $35,645 and the price is now consolidating losses. It recovered above the 23.6% Fib retracement level of the downward move from the $37,777 swing high to the $35,645 low.<\/p>\n

Bitcoin is now trading below $37,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $36,500 level. The main resistance is now forming near the $36,700 level or the 50% Fib retracement level of the downward move from the $37,777 swing high to the $35,645 low.<\/p>\n

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

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

A close above the $36,700 resistance might start a decent increase. The next key resistance could be near $37,000. A clear move above the $37,000 resistance could send the price further higher toward the $37,500 level. In the stated case, it could even test the $37,800 resistance.<\/p>\n

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

If Bitcoin fails to rise above the $36,700 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $36,000 level.<\/p>\n

The next major support is $35,650. If there is a move below $35,650, there is a risk of more downsides. In the stated case, the price could drop toward the $34,700 support in the near term. The next key support or target could be $34,200.<\/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 $36,000, followed by $35,650.<\/p>\n

Major Resistance Levels \u2013 $36,500, $36,700, 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-32943","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\/32943","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=32943"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32943\/revisions"}],"predecessor-version":[{"id":32952,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32943\/revisions\/32952"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32943"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}