Bitcoin

Resistance

Bitcoin price cleared the key $35,000 resistance. BTC is showing positive signs and might rally toward the $36,200 and $37,000 levels in the near term. 
<ul> 
 <li>Bitcoin is gaining pace above the $35,000 resistance.</li> 
 <li>The price is trading above $35,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a rising channel with resistance at $34,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair is showing positive signs and might rise toward the $37,000 resistance in the near term.</li> 
</ul> 
<h2 id="bitcoin-price-breaks-hurdle">Bitcoin Price Breaks Hurdle</h2> 
Bitcoin price remained well-bid above the $34,000 support zone. BTC formed a base, completed a consolidation phase, and recently started a decent increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-vulnerable-35k/" target="_blank" rel="noopener ">$34,750 resistance</a>. 
There was a break above a rising channel with resistance at $34,850 on the hourly chart. The bulls were able to pump the price above the last swing high and $35,500. It traded to a new multi-week high at $35,945 and is still showing positive signs. 
Bitcoin is now trading above $34,260 and the 100 hourly Simple moving average. It is also well above the 23.6% Fib retracement level of the recent increase from the $34,120 swing low to the $35,945 high. 
On the upside, immediate resistance is near the $35,950 level. The next key resistance could be near $36,200. A clear move above the $36,200 resistance might open the doors for a decent 5% increase toward the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-hints-correction-33950/" target="_blank" rel="noopener ">$37,000 resistance</a>. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-1.png?resize=1024%2C468"><img decoding="async" loading="lazy" class="alignnone size-full wp-image-558709" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-1.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-1.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-1.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-1.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-1.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-1.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-1.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-1.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
The next key resistance could be $37,500, above which the price could rise toward $38,000. Any more gains might send BTC toward the $38,800 level. 
<h2 id="are-dips-limited-in-btc">Are Dips Limited In BTC?</h2> 
If Bitcoin fails to rise above the $35,950 resistance zone, it could start a downside correction. Immediate support on the downside is near the $35,500 level. 
The next major support is near the $35,000 level or the 50% Fib retracement level of the recent increase from the $34,120 swing low to the $35,945 high. If there is a move below $35,000, there is a risk of more downsides. In the stated case, the price could drop toward the $34,500 level or the 100 hourly Simple moving average. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone. 
Major Support Levels – $35,500, followed by $35,000. 
Major Resistance Levels – $35,950, $36,200, and $37,000.

Bitcoin Price Resumes Rally, Another 5% Increase On The Cards?

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