Bitcoin

Resistance

Bitcoin price restarted its increase from the $34,650 support. BTC is up over 5% and now attempting a move above the $38,000 resistance zone. 
<ul> 
 <li>Bitcoin started a fresh rally from the $34,650 support zone.</li> 
 <li>The price is trading above $36,500 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a major bearish trend line with resistance near $36,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move up if it clears the $38,000 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-trims-all-losses">Bitcoin Price Trims All Losses</h2> 
Bitcoin price started a downside correction from the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-takes-hit-34650/" target="_blank" rel="noopener ">$38,000 resistance</a>. BTC declined below the $36,000 and $35,500 levels. The price even spiked below $35,000. However, the bulls were active near the $34,650 support zone. 
A low was formed near $34,666 and the price started a fresh increase. There was a sharp increase above the $36,000 and $37,000 levels. There was also a break above a major bearish trend line with resistance near $36,300 on the hourly chart of the BTC/USD pair. 
Bitcoin price is up over 5% and it retested the $38,000 resistance zone. A high is formed near $37,950 and the price is now consolidating gains. It is also trading above $36,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-lacks-momentum-37k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a> and the 23.6% Fib retracement level of the upward move from the $34,666 swing low to the $37,950 high. 
On the upside, immediate resistance is near the $37,850 level. The next key resistance could be near $38,000 or the recent high. A close above the $38,000 resistance could start a strong increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-15.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-560914" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-15.png?resize=1024%2C468" alt="Bitcoin Price " width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-15.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-15.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-15.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-15.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-15.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-15.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-15.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 first major resistance is near $38,800, above which the price might accelerate further higher. In the stated case, it could test the $39,200 level. Any more gains might send BTC toward the $40,000 level. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $38,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $37,450 level. 
The next major support is $36,500 or the 100 hourly Simple moving average. 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 $35,850 support 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 60 level. 
Major Support Levels – $37,450, followed by $36,500. 
Major Resistance Levels – $37,850, $38,000, and $38,800.

Bitcoin Price Rallies 5% and Seems Primed To Clear the $38K Hurdle

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