Bitcoin

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   Nov 20, 2023 at 08:30 // Price
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   <div class="avatar" style="background-image:url(/upload/resize_cache/iblock/42a/60_60_1/42aa5ec847dba7f5a2bce5378ae70614.png)"></div> <span>Author<br>Coin Idol </span>
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 <p><strong>The Bitcoin price has retreated and found support above the moving average lines. The barrier at $37,500 is currently slowing the upward movement. </strong></p>
 <h2 id="p-style-text-align-justify-bitcoin-price-long-term-prediction-bullish-p"><p style="text-align: justify;">Bitcoin price long term prediction: bullish</p></h2>
 <p style="text-align: justify;">Bitcoin (BTC) price is currently moving flat as buyers fail to sustain the upside momentum above the $38,000 high. The cryptocurrency is currently trading between $35,400 and $38,000. Bitcoin rallied and tested the $38,000 resistance level twice but was rejected each time.&nbsp;</p>
 <p style="text-align: justify;">Bitcoin is currently falling and approaching the moving average lines. On the downside, selling pressure will pick up again if the bears break the 21-day SMA or the support at $36,000. Bearish momentum will extend to a low above the 50-day simple moving average. This means that Bitcoin will first fall to the $34,000 support before dropping to the $32,000 low. Bitcoin will have to trade in a new range between $35400 and $37,500 if it stays above the moving average lines.</p>
 <h2 id="p-style-text-align-justify-bitcoin-indicator-reading-p"><p style="text-align: justify;">Bitcoin indicator reading</p></h2>
 <p style="text-align: justify;">Bitcoin's sideways movement has caused the price to fluctuate as it bounces above the 21-day SMA. Bitcoin will fall if the price drops below the 21-day simple moving average. The price bars on both charts are above the moving average lines, indicating that the uptrend is still holding. Bitcoin is falling due to overbought conditions.</p>
 <h2 style="text-align: justify;" id="technical-indicators">Technical indicators:</h2>
 <p style="text-align: justify;"><b>Key resistance levels – $30,000 and $35,000</b></p>
 <p style="text-align: justify;"><b>Key support levels – $20,000 and $15,000</b></p>
 <p style="text-align: justify;"><img width="1024" alt="BTCUSD_(Daily Chart) – NOV. 20.jpg" src="https://cdn.thebittimes.com/images/2023/11/20/51f4178e4055d704f45825c0b590f0af.webp" height="529" title="BTCUSD_(Daily Chart) – NOV. 20, 2023"></p>
 <h2 style="text-align: justify;" id="what-is-the-next-direction-for-btc-usd">What is the next direction for BTC/USD?</h2>
 <p style="text-align: justify;">The largest cryptocurrency is moving sideways. The rise ended at the resistance level of $37,794 or $38000. After the initial rejection at the recent high, Bitcoin continued its sideways trend. The uptrend is on shaky ground as it encounters further resistance above $37,500.</p>
 <p style="text-align: justify;"><img width="1024" alt="BTCUSD_( 4- hour Chart) – NOV. 20.jpg" src="https://cdn.thebittimes.com/images/2023/11/20/bb4573257da07b7c8ec8a3388a95463c.webp" height="529" title="BTCUSD_(4- hour Chart) – NOV. 20, 2023"></p>
 <p style="text-align: justify;"><i><span style="color: #959595;">Disclaimer. This <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.</span></i></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-is-unstable-as-it-faces-further-rejection-at-the-level-of-37-500-tbt70922.html">https://thebittimes.com/bitcoin-is-unstable-as-it-faces-further-rejection-at-the-level-of-37-500-tbt70922.html</a></p>

Bitcoin Is Unstable As It Faces Further Rejection At The Level Of $37,500

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