{"id":33365,"date":"2023-11-29T03:52:35","date_gmt":"2023-11-29T07:52:35","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=33365"},"modified":"2023-11-29T03:52:35","modified_gmt":"2023-11-29T07:52:35","slug":"bitcoin-price-avoids-collapse-but-can-bulls-clear-this-major-hurdle","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/29\/bitcoin-price-avoids-collapse-but-can-bulls-clear-this-major-hurdle\/","title":{"rendered":"Bitcoin Price Avoids Collapse But Can Bulls Clear This Major Hurdle?"},"content":{"rendered":"

Bitcoin price trimmed losses and climbed above $37,750. BTC gained pace but it is still struggling to clear the $38,500 resistance zone.<\/em><\/p>\n

Bitcoin is again facing heavy resistance near the $38,500 zone.
\nThe price is trading above $37,500 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is struggling to clear the $38,500 resistance and correcting gains.<\/p>\n

Bitcoin Price Extends Decline<\/h2>\n

Bitcoin price revisited the $36,720 support zone<\/a>. BTC managed to avoid a collapse and started a fresh increase above the $37,000 level. There was a clear move above the $37,500 level.<\/p>\n

Besides, there was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC\/USD pair. The pair surged above the $37,750 resistance. However, the bears were again active near the $38,500 resistance.<\/p>\n

A high was formed near $38,390 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the recent wave from the $36,720 swing low to the $38,390 high.<\/p>\n

Bitcoin is now trading above $37,500 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $38,200 level. The first major resistance is forming near $38,400. The main resistance is now near the $38,500 level. A close above the $38,500 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 $39,200, above which BTC could rise toward the $39,500 level. Any more gains might send BTC toward the $40,000 resistance.<\/p>\n

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

If Bitcoin fails to rise above the $38,400 resistance zone, it could start another decline. Immediate support on the downside is near the $37,600 level.<\/p>\n

The next major support is $37,500 or the 50% Fib retracement level of the recent wave from the $36,720 swing low to the $38,390 high. If there is a move below $37,500, there is a risk of more downsides. In the stated case, the price could drop toward the $36,720 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 50 level.<\/p>\n

Major Support Levels \u2013 $37,600, followed by $37,500.<\/p>\n

Major Resistance Levels \u2013 $38,400, $38,500, and $39,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price trimmed losses and climbed above $37,750. BTC gained pace but it is still struggling to clear the $38,500 resistance zone.<\/em><\/p>\n

Bitcoin is again facing heavy resistance near the $38,500 zone.
\nThe price is trading above $37,500 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is struggling to clear the $38,500 resistance and correcting gains.<\/p>\n

Bitcoin Price Extends Decline<\/h2>\n

Bitcoin price revisited the $36,720 support zone<\/a>. BTC managed to avoid a collapse and started a fresh increase above the $37,000 level. There was a clear move above the $37,500 level.<\/p>\n

Besides, there was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC\/USD pair. The pair surged above the $37,750 resistance. However, the bears were again active near the $38,500 resistance.<\/p>\n

A high was formed near $38,390 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the recent wave from the $36,720 swing low to the $38,390 high.<\/p>\n

Bitcoin is now trading above $37,500 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $38,200 level. The first major resistance is forming near $38,400. The main resistance is now near the $38,500 level. A close above the $38,500 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 $39,200, above which BTC could rise toward the $39,500 level. Any more gains might send BTC toward the $40,000 resistance.<\/p>\n

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

If Bitcoin fails to rise above the $38,400 resistance zone, it could start another decline. Immediate support on the downside is near the $37,600 level.<\/p>\n

The next major support is $37,500 or the 50% Fib retracement level of the recent wave from the $36,720 swing low to the $38,390 high. If there is a move below $37,500, there is a risk of more downsides. In the stated case, the price could drop toward the $36,720 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 50 level.<\/p>\n

Major Support Levels \u2013 $37,600, followed by $37,500.<\/p>\n

Major Resistance Levels \u2013 $38,400, $38,500, and $39,200.<\/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-33365","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\/33365","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=33365"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33365\/revisions"}],"predecessor-version":[{"id":33376,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33365\/revisions\/33376"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33365"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}