{"id":33022,"date":"2023-11-23T03:52:38","date_gmt":"2023-11-23T07:52:38","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=33022"},"modified":"2023-11-23T03:52:38","modified_gmt":"2023-11-23T07:52:38","slug":"bitcoin-price-returns-to-key-resistance-as-the-bulls-aim-for-40k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/23\/bitcoin-price-returns-to-key-resistance-as-the-bulls-aim-for-40k\/","title":{"rendered":"Bitcoin Price Returns To Key Resistance As The Bulls Aim For $40K"},"content":{"rendered":"

Bitcoin price trimmed all losses and climbed above $37,000. BTC is now eyeing a major upside break above the $37,750 and $38,000 resistance levels.<\/em><\/p>\n

Bitcoin is showing positive signs and testing the $37,750 resistance.
\nThe price is trading above $37,000 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $37,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a major increase if it clears the $38,000 resistance zone.<\/p>\n

Bitcoin Price Regains Strength<\/h2>\n

Bitcoin price started a downside correction<\/a> after reports of Binance\u2019s settlement and CZ stepping down. BTC dropped below the $37,000 support. However, the bulls were active near the $35,650 support zone.<\/p>\n

A low was formed near $35,645 and the price started a fresh increase. It trimmed all losses and climbed above the $37,000 resistance. There was a break above a major bearish trend line with resistance near $37,150 on the hourly chart of the BTC\/USD pair.<\/p>\n

The pair even broke the $37,500 level and tested the key hurdle at $37,750<\/a>. Bitcoin is now trading above $37,000 and the 100 hourly Simple moving average. It is also above the 23.6% Fib retracement level of the upward move from the $35,645 swing low to the $37,777 high.<\/p>\n

On the upside, immediate resistance is near the $37,750 level. The main resistance is now forming near the $38,000 level. A close above the $38,0000 resistance might start a strong increase.<\/p>\n

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

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

The next key resistance could be near $38,800. A clear move above the $38,800 resistance could send the price further higher toward the $39,200 level. In the stated case, it could even test the $40,000 resistance.<\/p>\n

Another Rejection In BTC?<\/h2>\n

If Bitcoin fails to rise above the $37,750 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $37,150 level.<\/p>\n

The next major support is $36,700 or the 50% Fib retracement level of the upward move from the $35,645 swing low to the $37,777 high. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $36,150 support in the near term. The next key support or target could be $35,650.<\/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 $36,700, followed by $35,650.<\/p>\n

Major Resistance Levels \u2013 $37,750, $38,000, and $38,800.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price trimmed all losses and climbed above $37,000. BTC is now eyeing a major upside break above the $37,750 and $38,000 resistance levels.<\/em><\/p>\n

Bitcoin is showing positive signs and testing the $37,750 resistance.
\nThe price is trading above $37,000 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $37,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a major increase if it clears the $38,000 resistance zone.<\/p>\n

Bitcoin Price Regains Strength<\/h2>\n

Bitcoin price started a downside correction<\/a> after reports of Binance\u2019s settlement and CZ stepping down. BTC dropped below the $37,000 support. However, the bulls were active near the $35,650 support zone.<\/p>\n

A low was formed near $35,645 and the price started a fresh increase. It trimmed all losses and climbed above the $37,000 resistance. There was a break above a major bearish trend line with resistance near $37,150 on the hourly chart of the BTC\/USD pair.<\/p>\n

The pair even broke the $37,500 level and tested the key hurdle at $37,750<\/a>. Bitcoin is now trading above $37,000 and the 100 hourly Simple moving average. It is also above the 23.6% Fib retracement level of the upward move from the $35,645 swing low to the $37,777 high.<\/p>\n

On the upside, immediate resistance is near the $37,750 level. The main resistance is now forming near the $38,000 level. A close above the $38,0000 resistance might start a strong increase.<\/p>\n

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

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

The next key resistance could be near $38,800. A clear move above the $38,800 resistance could send the price further higher toward the $39,200 level. In the stated case, it could even test the $40,000 resistance.<\/p>\n

Another Rejection In BTC?<\/h2>\n

If Bitcoin fails to rise above the $37,750 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $37,150 level.<\/p>\n

The next major support is $36,700 or the 50% Fib retracement level of the upward move from the $35,645 swing low to the $37,777 high. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $36,150 support in the near term. The next key support or target could be $35,650.<\/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 $36,700, followed by $35,650.<\/p>\n

Major Resistance Levels \u2013 $37,750, $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-33022","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\/33022","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=33022"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33022\/revisions"}],"predecessor-version":[{"id":33033,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33022\/revisions\/33033"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33022"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}