Bitcoin

Resistance

Bitcoin price trimmed losses and climbed above $37,750. BTC gained pace but it is still struggling to clear the $38,500 resistance zone. 
<ul> 
 <li>Bitcoin is again facing heavy resistance near the $38,500 zone.</li> 
 <li>The price is trading above $37,500 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair is struggling to clear the $38,500 resistance and correcting gains.</li> 
</ul> 
<h2 id="bitcoin-price-extends-decline">Bitcoin Price Extends Decline</h2> 
Bitcoin price revisited the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-grinds-lower-35k/" target="_blank" rel="noopener ">$36,720 support zone</a>. BTC managed to avoid a collapse and started a fresh increase above the $37,000 level. There was a clear move above the $37,500 level. 
Besides, there was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC/USD pair. The pair surged above the $37,750 resistance. However, the bears were again active near the $38,500 resistance. 
A high was formed near $38,390 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the recent wave from the $36,720 swing low to the $38,390 high. 
Bitcoin is now trading above $37,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-rejection-38k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, immediate resistance is near the $38,200 level. The first major resistance is forming near $38,400. The main resistance is now near the $38,500 level. A close above the $38,500 resistance might start a strong increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-25.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-562935" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-25.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-25.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-25.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-25.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-25.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-25.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-25.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-25.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 $39,200, above which BTC could rise toward the $39,500 level. Any more gains might send BTC toward the $40,000 resistance. 
<h2 id="another-drop-in-btc">Another Drop In BTC?</h2> 
If Bitcoin fails to rise above the $38,400 resistance zone, it could start another decline. Immediate support on the downside is near the $37,600 level. 
The next major support is $37,500 or the 50% Fib retracement level of the recent wave from the $36,720 swing low to the $38,390 high. If there is a move below $37,500, there is a risk of more downsides. In the stated case, the price could drop toward the $36,720 support in the near term. 
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 – $37,600, followed by $37,500. 
Major Resistance Levels – $38,400, $38,500, and $39,200.

Bitcoin Price Avoids Collapse But Can Bulls Clear This Major Hurdle?

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