Bitcoin

Resistance

Bitcoin price trimmed all losses and climbed above $37,000. BTC is now eyeing a major upside break above the $37,750 and $38,000 resistance levels. 
<ul> 
 <li>Bitcoin is showing positive signs and testing the $37,750 resistance.</li> 
 <li>The price is trading above $37,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a major bearish trend line with resistance near $37,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start a major increase if it clears the $38,000 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-regains-strength">Bitcoin Price Regains Strength</h2> 
Bitcoin price started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-35650/" target="_blank" rel="noopener ">downside correction</a> after reports of Binance’s settlement and CZ stepping down. BTC dropped below the $37,000 support. However, the bulls were active near the $35,650 support zone. 
A low was formed near $35,645 and the price started a fresh increase. It trimmed all losses and climbed above the $37,000 resistance. There was a break above a major bearish trend line with resistance near $37,150 on the hourly chart of the BTC/USD pair. 
The pair even broke the $37,500 level and tested the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-uptrend-38k/" target="_blank" rel="noopener ">key hurdle at $37,750</a>. Bitcoin is now trading above $37,000 and the 100 hourly Simple moving average. It is also above the 23.6% Fib retracement level of the upward move from the $35,645 swing low to the $37,777 high. 
On the upside, immediate resistance is near the $37,750 level. The main resistance is now forming near the $38,000 level. A close above the $38,0000 resistance might start a strong increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-20.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-562035" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-20.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-20.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-20.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-20.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-20.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-20.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-20.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-20.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 $38,800. A clear move above the $38,800 resistance could send the price further higher toward the $39,200 level. In the stated case, it could even test the $40,000 resistance. 
<h2 id="another-rejection-in-btc">Another Rejection In BTC?</h2> 
If Bitcoin fails to rise above the $37,750 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $37,150 level. 
The next major support is $36,700 or the 50% Fib retracement level of the upward move from the $35,645 swing low to the $37,777 high. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $36,150 support in the near term. The next key support or target could be $35,650. 
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 50 level. 
Major Support Levels – $36,700, followed by $35,650. 
Major Resistance Levels – $37,750, $38,000, and $38,800.

Bitcoin Price Returns To Key Resistance As The Bulls Aim For $40K

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