{"id":34108,"date":"2023-12-13T03:52:46","date_gmt":"2023-12-13T07:52:46","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34108"},"modified":"2023-12-13T03:52:46","modified_gmt":"2023-12-13T07:52:46","slug":"bitcoin-price-dips-again-and-signals-a-larger-pullback-to-38k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/13\/bitcoin-price-dips-again-and-signals-a-larger-pullback-to-38k\/","title":{"rendered":"Bitcoin Price Dips Again and Signals A Larger Pullback To $38K"},"content":{"rendered":"

Bitcoin price struggled to start a fresh increase above the $42,300 resistance zone. BTC is declining and is now at a risk of more downsides below $40,000.<\/em><\/p>\n

Bitcoin failed to start a fresh increase above the $42,000 resistance zone.
\nThe price is trading below $42,500 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $41,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend losses if there is a close below the $40,000 support zone.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price started a fresh increase from the $40,000 support zone<\/a>. BTC climbed above the $41,500 resistance zone, but it failed to continue higher.<\/p>\n

The price failed to gain strength above the $42,250 and $42,300 resistance levels. A high was formed near $42,300 and the price started a fresh decline. There was a drop below the $42,000 and $41,500 levels. A low is formed near $40,606 and the price is now consolidating losses.<\/p>\n

Bitcoin is also trading below $42,500 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $41,200 level. Besides, there is a key bearish trend line forming with resistance near $41,250 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first major resistance is forming near $41,450. It is near the 50% Fib retracement level of the downward move from the $42,300 swing high to the $40,606 low.<\/p>\n

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

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

The next key resistance might be the 76.4% Fib retracement level of the downward move from the $42,300 swing high to the $40,606 low at $41,900. A close above the $41,900 resistance might start a steady increase. The next key resistance could be near $42,300, above which BTC could rise toward the $43,000 level. A clear move above the $43,000 level could set the pace for a test of $44,000.<\/p>\n

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

If Bitcoin fails to rise above the $41,250 resistance zone, it could start another decline. Immediate support on the downside is near the $40,600 level.<\/p>\n

The next major support is near $40,000, below which the price might test the $39,500 zone. If there is a move below $39,500, there is a risk of more losses. In the stated case, the price could drop toward the $38,500 support in the near term.<\/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 $40,600, followed by $40,000.<\/p>\n

Major Resistance Levels \u2013 $41,250, $41,900, and $42,300.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price struggled to start a fresh increase above the $42,300 resistance zone. BTC is declining and is now at a risk of more downsides below $40,000.<\/em><\/p>\n

Bitcoin failed to start a fresh increase above the $42,000 resistance zone.
\nThe price is trading below $42,500 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $41,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend losses if there is a close below the $40,000 support zone.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price started a fresh increase from the $40,000 support zone<\/a>. BTC climbed above the $41,500 resistance zone, but it failed to continue higher.<\/p>\n

The price failed to gain strength above the $42,250 and $42,300 resistance levels. A high was formed near $42,300 and the price started a fresh decline. There was a drop below the $42,000 and $41,500 levels. A low is formed near $40,606 and the price is now consolidating losses.<\/p>\n

Bitcoin is also trading below $42,500 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $41,200 level. Besides, there is a key bearish trend line forming with resistance near $41,250 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first major resistance is forming near $41,450. It is near the 50% Fib retracement level of the downward move from the $42,300 swing high to the $40,606 low.<\/p>\n

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

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

The next key resistance might be the 76.4% Fib retracement level of the downward move from the $42,300 swing high to the $40,606 low at $41,900. A close above the $41,900 resistance might start a steady increase. The next key resistance could be near $42,300, above which BTC could rise toward the $43,000 level. A clear move above the $43,000 level could set the pace for a test of $44,000.<\/p>\n

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

If Bitcoin fails to rise above the $41,250 resistance zone, it could start another decline. Immediate support on the downside is near the $40,600 level.<\/p>\n

The next major support is near $40,000, below which the price might test the $39,500 zone. If there is a move below $39,500, there is a risk of more losses. In the stated case, the price could drop toward the $38,500 support in the near term.<\/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 $40,600, followed by $40,000.<\/p>\n

Major Resistance Levels \u2013 $41,250, $41,900, and $42,300.<\/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-34108","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\/34108","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=34108"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34108\/revisions"}],"predecessor-version":[{"id":34119,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34108\/revisions\/34119"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34108"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}