Rally

Bitcoin

Strong

Resistance

Bitcoin price is holding gains above $37,000. BTC is consolidating and might soon aim for another rally if it clears the $38,000 resistance zone. 
<ul> 
 <li>Bitcoin is still consolidating below the $37,750 resistance.</li> 
 <li>The price is trading above $37,200 and the 100 hourly Simple moving average.</li> 
 <li>There is a short-term contracting triangle forming with resistance near $37,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start a strong increase if it clears the $38,000 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-remains-supported">Bitcoin Price Remains Supported</h2> 
Bitcoin price remained well-bid and started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-aim-for-40k/" target="_blank" rel="noopener ">steady increase above the $37,000 resistance</a>. BTC trimmed all losses and even revisited the $37,750 resistance zone. It seems like the bulls are still struggling to clear the $37,750 resistance zone. 
A high was formed near $37,848 and the price is now consolidating gains. There was a move below the 23.6% Fib retracement level of the upward move from the $35,645 swing low to the $37,848 high. 
Bitcoin is now trading above $37,200 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-35650/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a short-term contracting triangle forming with resistance near $37,420 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $37,420 level. 
The first major resistance is forming near $37,750. The main resistance is still 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-21.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-562225" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-21.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-21.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-21.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-21.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-21.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-21.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-21.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-21.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, above which BTC could rise and test the $39,200 level. In the stated case, it could even rally toward the $40,000 resistance. 
<h2 id="another-drop-in-btc">Another Drop 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 $37,200 level. 
The next major support is $37,000 and the 100 hourly Simple moving average. The first key support is at $36,750 or the 50% Fib retracement level of the upward move from the $35,645 swing low to the $37,848 high. If there is a move below $36,750, there is a risk of more downsides. In the stated case, the price could drop toward the $36,000 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 – $37,000, followed by $36,750. 
Major Resistance Levels – $37,750, $38,000, and $38,800.

Bitcoin Price Key Indicators Suggest Strong Case For Another Rally

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