Bitcoin

Resistance

Bitcoin price again failed to clear the $38,000 resistance zone. BTC is likely forming a double top and might decline toward the $34,500 support. 
<ul> 
 <li>Bitcoin started a fresh decline from the $38,000 resistance zone.</li> 
 <li>The price is trading below $36,750 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bullish trend line forming with support near $36,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could decline further if there is a break below the $35,950 support.</li> 
</ul> 
<h2 id="bitcoin-price-forms-double-top-scenario">Bitcoin Price Forms Double Top Scenario</h2> 
Bitcoin price made another attempt to clear the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rallies-38k/" target="_blank" rel="noopener ">$38,000 resistance</a>. However, BTC failed to clear the $38,000 resistance and started a fresh decline. It seems like the price is forming a double-top pattern near the $38,000 zone. 
There was a sharp move below the $37,200 and $37,000 levels. The price even spiked below the $36,500 level and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-takes-hit-34650/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Finally, the bulls appeared near the $35,500 level. A low was formed near $35,517 and the price is now correcting losses. 
The price climbed above the 23.6% Fib retracement level of the downward move from the $37,950 swing high to the $35,517 low. Bitcoin is now trading below $36,750 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $36,250 on the hourly chart of the BTC/USD pair. 
On the upside, immediate resistance is near the $36,700 level. The next key resistance could be near $37,000 or 61.8% Fib retracement level of the downward move from the $37,950 swing high to the $35,517 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-16.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-561120" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-16.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-16.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-16.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-16.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-16.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-16.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-16.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-16.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> 
A close above the $37,000 resistance could start a strong increase. The first major resistance is 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 $39,200 level. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $37,000 resistance zone, it could continue to move down to complete the double-top pattern. Immediate support on the downside is near the $36,200 level. 
The next major support is $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 $35,500 support in the near term. The next key support or target could be $34,500. 
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 – $36,200, followed by $35,500. 
Major Resistance Levels – $36,700, $37,000, and $38,000.

Bitcoin Price Signals Bearish Pattern, Why BTC Could Drop Another 5%

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