Bitcoin

Resistance

Bitcoin price is correcting gains from the $38,000 zone. BTC is now consolidating and might aim for more upsides above the $37,250 resistance zone. 
<ul> 
 <li>Bitcoin started a downside correction from the $38,000 resistance zone.</li> 
 <li>The price is trading near $37,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a short-term declining channel forming with resistance near $37,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair is consolidating gains and might start a fresh increase toward $38,000.</li> 
</ul> 
<h2 id="bitcoin-price-remains-in-uptrend">Bitcoin Price Remains In Uptrend</h2> 
Bitcoin price started a fresh increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-bullish-streak-36k/" target="_blank" rel="noopener ">$36,800 resistance zone</a>. BTC gained pace for a clear move above the $37,000 resistance zone to move further into a positive zone. 
It even rallied toward $38,000 before there was a downside correction to $35,850. Recently, there was a fresh increase above the $37,250 level, but the bears were active near $37,500. A high is formed near $37,500 and the price is now consolidating gains. 
There was a drop below the $37,250 level. The price tested the 50% Fib retracement level of the upward move from the $35,891 swing low to the $37,500 high. 
Bitcoin is now trading near $37,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-breaks-36k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, immediate resistance is near the $37,200 level. There is also a short-term declining channel forming with resistance near $37,250 on the hourly chart of the BTC/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-11.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-560335" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-11.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-11.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-11.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-11.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-11.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-11.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-11.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-11.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 near $37,500, above which the price might accelerate further higher. In the stated case, it could test the $38,000 level. 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 $37,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $36,700 level. 
The next major support is near the $36,500 zone or the 61.8% Fib retracement level of the upward move from the $35,891 swing low to the $37,500 high. If there is a move below $36,500, there is a risk of more downsides. In the stated case, the price could drop toward the key support at $36,000 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 below the 50 level. 
Major Support Levels – $36,700, followed by $36,500. 
Major Resistance Levels – $37,250, $37,500, and $38,000.

Bitcoin Price Consolidates And Signals Potential Surge To $40,000

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