{"id":33282,"date":"2023-11-28T03:52:42","date_gmt":"2023-11-28T07:52:42","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=33282"},"modified":"2023-11-28T03:52:42","modified_gmt":"2023-11-28T07:52:42","slug":"bitcoin-price-grinds-lower-as-risk-of-drop-to-35k-escalates","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/28\/bitcoin-price-grinds-lower-as-risk-of-drop-to-35k-escalates\/","title":{"rendered":"Bitcoin Price Grinds Lower As Risk of Drop To $35K Escalates"},"content":{"rendered":"

Bitcoin price is moving lower below the $37,000 level. BTC could continue to move down toward the $36,000 level or even $35,000 zone in the coming sessions.<\/em><\/p>\n

Bitcoin is showing bearish signs and moving lower from the $37,750 resistance.
\nThe price is trading below $37,400 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $37,380 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it breaks the $36,750 support.<\/p>\n

Bitcoin Price Extends Decline<\/h2>\n

Bitcoin price started a downside correction after it spiked toward the $38,500 zone<\/a>. BTC followed a bearish path and settled below the $37,200 level (as discussed in yesterday\u2019s post).<\/p>\n

There was a drop below the $37,000 level. A low was formed near $36,720 and the price is now consolidating losses. It climbed a bit above the 23.6% Fib retracement level of the recent drop from the $38,432 swing high to the $36,720 low.<\/p>\n

Bitcoin is now trading below $37,400 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $37,400 level. There is also a key bearish trend line forming with resistance near $37,380 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first major resistance is forming near $37,570 or the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent drop from the $38,432 swing high to the $36,720 low. The main resistance is now near the $38,000 level. A close above the $38,000 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 $38,500, above which BTC could rise toward the $39,200 level. In the stated case, it could even move toward the $40,000 resistance.<\/p>\n

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

If Bitcoin fails to rise above the $37,570 resistance zone, it could continue to move down. Immediate support on the downside is near the $36,720 level.<\/p>\n

The next major support is $36,500. 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 $35,650 support in the near term. The next key support or target could be $35,000.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining 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 $36,720, followed by $36,000.<\/p>\n

Major Resistance Levels \u2013 $37,400, $37,570, and $38,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is moving lower below the $37,000 level. BTC could continue to move down toward the $36,000 level or even $35,000 zone in the coming sessions.<\/em><\/p>\n

Bitcoin is showing bearish signs and moving lower from the $37,750 resistance.
\nThe price is trading below $37,400 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $37,380 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it breaks the $36,750 support.<\/p>\n

Bitcoin Price Extends Decline<\/h2>\n

Bitcoin price started a downside correction after it spiked toward the $38,500 zone<\/a>. BTC followed a bearish path and settled below the $37,200 level (as discussed in yesterday\u2019s post).<\/p>\n

There was a drop below the $37,000 level. A low was formed near $36,720 and the price is now consolidating losses. It climbed a bit above the 23.6% Fib retracement level of the recent drop from the $38,432 swing high to the $36,720 low.<\/p>\n

Bitcoin is now trading below $37,400 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $37,400 level. There is also a key bearish trend line forming with resistance near $37,380 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first major resistance is forming near $37,570 or the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent drop from the $38,432 swing high to the $36,720 low. The main resistance is now near the $38,000 level. A close above the $38,000 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 $38,500, above which BTC could rise toward the $39,200 level. In the stated case, it could even move toward the $40,000 resistance.<\/p>\n

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

If Bitcoin fails to rise above the $37,570 resistance zone, it could continue to move down. Immediate support on the downside is near the $36,720 level.<\/p>\n

The next major support is $36,500. 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 $35,650 support in the near term. The next key support or target could be $35,000.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining 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 $36,720, followed by $36,000.<\/p>\n

Major Resistance Levels \u2013 $37,400, $37,570, and $38,000.<\/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-33282","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\/33282","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=33282"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33282\/revisions"}],"predecessor-version":[{"id":33295,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33282\/revisions\/33295"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33282"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}