Bitcoin

Resistance

Bitcoin price is moving lower below the $37,000 level. BTC could continue to move down toward the $36,000 level or even $35,000 zone in the coming sessions. 
<ul> 
 <li>Bitcoin is showing bearish signs and moving lower from the $37,750 resistance.</li> 
 <li>The price is trading below $37,400 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance near $37,380 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 $36,750 support.</li> 
</ul> 
<h2 id="bitcoin-price-extends-decline">Bitcoin Price Extends Decline</h2> 
Bitcoin price started a downside correction after it spiked toward the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-rejection-38k/" target="_blank" rel="noopener ">$38,500 zone</a>. BTC followed a bearish path and settled below the $37,200 level (as discussed in yesterday’s post). 
There was a drop below the $37,000 level. A low was formed near $36,720 and the price is now consolidating losses. It climbed a bit above the 23.6% Fib retracement level of the recent drop from the $38,432 swing high to the $36,720 low. 
Bitcoin is now trading below $37,400 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rally-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 key bearish trend line forming with resistance near $37,380 on the hourly chart of the BTC/USD pair. 
The first major resistance is forming near $37,570 or the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent drop from the $38,432 swing high to the $36,720 low. The main resistance is now near the $38,000 level. A close above the $38,000 resistance might start a strong increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-24.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-562758" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-24.png?resize=1024%2C468" alt="Bitcoin Price " width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-24.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-24.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-24.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-24.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-24.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-24.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-24.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 toward the $39,200 level. In the stated case, it could even move toward the $40,000 resistance. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $37,570 resistance zone, it could continue to move down. Immediate support on the downside is near the $36,720 level. 
The next major support is $36,500. If there is a move below $36,500, there is a risk of more downsides. In the stated case, the price could drop toward the $35,650 support in the near term. The next key support or target could be $35,000. 
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 – $36,720, followed by $36,000. 
Major Resistance Levels – $37,400, $37,570, and $38,000.

Bitcoin Price Grinds Lower As Risk of Drop To $35K Escalates

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