Bitcoin

Momentum

Resistance

Bitcoin price is consolidating gains below the $37,000 zone. BTC could gain bullish momentum if there is a close above the $36,800 and $37,000 levels. 
<ul> 
 <li>Bitcoin is holding gains above the $36,000 support zone.</li> 
 <li>The price is trading below $37,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance near $36,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could make another attempt to gain strength above $37,000.</li> 
</ul> 
<h2 id="bitcoin-price-holds-key-support">Bitcoin Price Holds Key Support</h2> 
Bitcoin price made another attempt to clear the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-40000/" target="_blank" rel="noopener ">$37,500 resistance</a>. However, BTC failed to continue higher toward the $38,000 resistance. A high was formed near $37,423 and the price started a downside correction. 
There was a move below the $37,000 pivot level. The price declined below the $36,500 level but stayed above $36,000. A low is formed near $36,183 and the price is now rising. There was a move above the $36,450 level. The price is trading above the 23.6% Fib retracement level of the recent decline from the $37,423 swing high to the $36,183 low. 
Bitcoin is now trading below $37,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-bullish-streak-36k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bearish trend line forming with resistance near $36,600 on the hourly chart of the BTC/USD pair. 
On the upside, immediate resistance is near the $36,600 level. The next key resistance could be near $36,800 or the 50% Fib retracement level of the recent decline from the $37,423 swing high to the $36,183 low. The first major resistance is near $37,000, above which the price might accelerate further higher. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-13.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-560524" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-13.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-13.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-13.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-13.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-13.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-13.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-13.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-13.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> 
In the stated case, it could test the $37,500 level. Any more gains might send BTC toward the $38,000 level, above which the price could gain bullish momentum and rally toward $40,000. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $36,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $36,180 level. 
The next major support is near $36,000. If there is a move below $36,000, there is a risk of more downsides. In the stated case, the price could drop toward the key support at $35,500 in the near term. 
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 below the 50 level. 
Major Support Levels – $36,180, followed by $36,000. 
Major Resistance Levels – $36,600, $36,800, and $37,000.

Bitcoin Price Lacks Momentum Above $37K, But Dips Likely To Be Limited

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