Bitcoin

Resistance

Bitcoin price is still struggling to settle above $38,000. BTC is showing a few bearish signs and might decline below the $37,150 support. 
<ul> 
 <li>Bitcoin is still facing heavy resistance near the $37,750 resistance.</li> 
 <li>The price is trading below $37,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move down if it breaks the $37,150 support.</li> 
</ul> 
<h2 id="bitcoin-price-signals-downside-correction">Bitcoin Price Signals Downside Correction</h2> 
Bitcoin price made another attempt to surpass the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rally-40k/" target="_blank" rel="noopener ">$37,750 resistance</a>. BTC spiked above the $37,750 and $38,000 resistance levels. However, it failed to stay above the $38,000 level. 
A high was formed near $38,432 and the price reacted to the downside. There was a move below the $38,000 and $37,750 levels. A low is formed near $37,151 and the price is now consolidating losses. It is showing bearish signs below the 23.6% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low. 
Bitcoin is now trading below $37,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-aim-for-40k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, immediate resistance is near the $37,400 level. There is also a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC/USD pair. 
The first major resistance is forming near $37,750. The main resistance is now near the $38,000 level or the 61.8% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low. A close above the $38,000 resistance might start a strong increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-22.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-562550" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-22.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-22.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-22.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-22.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-22.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-22.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-22.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-22.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 $38,500, 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="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $38,000 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. 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 $36,000 support in the near term. The next key support or target could be $35,650. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $37,150, followed by $36,700. 
Major Resistance Levels – $37,750, $38,000, and $38,500.

Bitcoin Price Faces Rejection and Now At Risk of Downside Extension

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