Bitcoin

Resistance

Bitcoin price made another attempt to clear the $36,000 resistance. BTC struggled again and is now correcting lower toward the $35,200 support. 
<ul> 
 <li>Bitcoin again failed to clear the key $36,000 resistance zone.</li> 
 <li>The price is trading above $35,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a major contracting triangle with resistance near $35,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair is correcting gains and might find support near $35,200 or $35,000.</li> 
</ul> 
<h2 id="bitcoin-price-faces-uphill-task">Bitcoin Price Faces Uphill Task</h2> 
Bitcoin price remained stable above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-34k/" target="_blank" rel="noopener ">$34,000 support zone</a>. BTC attempted a fresh increase above the $35,250 resistance zone. There was a break above a major contracting triangle with resistance near $35,000 on the hourly chart. 
It even cleared the $35,500 resistance, but the bears were active near the $36,000 zone. A high was formed near $35,900 and the price is again moving lower. There was a move below the $35,500 level. The price declined below the 23.6% Fib retracement level of the upward move from the $34,560 swing low to the $35,900 high. 
Bitcoin is now trading above $35,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-big-challenge-35250/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. It seems to be approaching the $35,200 support or the 50% Fib retracement level of the upward move from the $34,560 swing low to the $35,900 high. 
If it stays above $35,200, there might be a fresh increase. On the upside, immediate resistance is near the $35,560 level. The next key resistance could be near $35,900 or the recent high. The main resistance is still near $36,000. A clear move above the $36,000 resistance might open the doors for a move toward the $37,000 resistance. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-7.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-559649" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-7.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-7.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-7.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-7.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-7.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-7.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-7.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-7.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="more-downsides-in-btc">More Downsides In BTC?</h2> 
If Bitcoin fails to rise above the $35,560 resistance zone, it could continue to move down. Immediate support on the downside is near the $35,200 low. 
The next major support is near the $35,000 zone or the 100 hourly SMA. If there is a move below $35,000, there is a risk of more downsides. In the stated case, the price could revisit the $34,000 support level in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $35,200, followed by $35,000. 
Major Resistance Levels – $35,560, $35,900, and $36,000.

Bitcoin Price Rejects $36K: Why Dips In BTC Are Still Attractive

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