Bitcoin

Resistance

Bitcoin price failed to continue higher above $36,000. BTC corrected gains and might find strong buying interest near the $34,200 support zone. 
<ul> 
 <li>Bitcoin corrected gains from the $36,000 resistance zone.</li> 
 <li>The price is trading near $34,700 and the 100 hourly Simple moving average.</li> 
 <li>There is a major bullish trend line forming with support near $34,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair must stay above the $34,000 support to start a fresh increase in the near term.</li> 
</ul> 
<h2 id="bitcoin-price-holds-support">Bitcoin Price Holds Support</h2> 
Bitcoin price attempted <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-resumes-rally-37k/" target="_blank" rel="noopener ">another rally above the $35,000 resistance</a>. BTC cleared the $35,500 level but struggled near the $36,000 level. There was no test of the $36,200 resistance zone and the price started a downside correction. 
There was a move below the $35,500 and $35,000 levels. The price even spiked below the $34,500 level and the 100 hourly Simple moving average. A low is formed near $34,350 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $35,945 swing high to the $34,350 low. 
Bitcoin also trades near $34,700 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-vulnerable-35k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Besides, there is a major bullish trend line forming with support near $34,300 on the hourly chart of the BTC/USD pair. 
On the upside, immediate resistance is near the $35,750 level. The next key resistance could be near $35,150 or the 50% Fib retracement level of the recent decline from the $35,945 swing high to the $34,350 low. A clear move above the $35,150 resistance might open the doors for a move toward the $36,000 resistance. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-2.png?resize=1024%2C468"><img decoding="async" loading="lazy" class="alignnone size-full wp-image-558916" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-2.png?resize=1024%2C468" alt="Bitcoin Price " width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-2.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-2.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-2.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-2.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-2.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-2.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-2.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 $36,200, above which the price could rise toward $37,000. Any more gains might send BTC toward the $37,500 level. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $35,150 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,350 low and the trend line. 
The next major support is near the $35,000 zone. If there is a move below $34,000, there is a risk of more downsides. In the stated case, the price could drop toward the $33,200 level in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $34,300, followed by $34,000. 
Major Resistance Levels – $34,750, $35,150, and $36,000.

Bitcoin Price Reaches Key Juncture, Is This Bulls Trap or Technical Correction?

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