Plunge

Bitcoin

Resistance

Bitcoin price declined over 4% and traded below the $36,500 support. BTC is still holding the key $35,650 support zone and dips might attract buyers. 
<ul> 
 <li>Bitcoin started a fresh decline after reports of Binance’s settlement and CZ stepping down.</li> 
 <li>The price is trading below $37,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a key bullish trend line with support near $36,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could struggle in the short term, but dips might be attractive to the bulls.</li> 
</ul> 
<h2 id="bitcoin-price-takes-hit">Bitcoin Price Takes Hit</h2> 
Bitcoin price failed to continue higher above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-uptrend-38k/" target="_blank" rel="noopener ">$37,800 resistance zone</a>. BTC formed a short-term top and started a fresh decline after reports of Binance’s settlement and CZ stepping down. 
There was a sharp decline below the $37,000 level. There was a break below a key bullish trend line with support near $36,980 on the hourly chart of the BTC/USD pair. The pair even broke the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-regains-strength-40k/" target="_blank" rel="noopener ">$36,500 support zone</a>. Finally, it spiked below the $36,000 level. 
A low is formed near $35,645 and the price is now consolidating losses. It recovered above the 23.6% Fib retracement level of the downward move from the $37,777 swing high to the $35,645 low. 
Bitcoin is now trading below $37,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $36,500 level. The main resistance is now forming near the $36,700 level or the 50% Fib retracement level of the downward move from the $37,777 swing high to the $35,645 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-19.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-561876" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-19.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-19.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-19.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-19.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-19.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-19.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-19.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-19.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> 
A close above the $36,700 resistance might start a decent increase. The next key resistance could be near $37,000. A clear move above the $37,000 resistance could send the price further higher toward the $37,500 level. In the stated case, it could even test the $37,800 resistance. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $36,700 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $36,000 level. 
The next major support is $35,650. If there is a move below $35,650, there is a risk of more downsides. In the stated case, the price could drop toward the $34,700 support in the near term. The next key support or target could be $34,200. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $36,000, followed by $35,650. 
Major Resistance Levels – $36,500, $36,700, and $37,000.

Bitcoin Price Plunge Due to Binance’s Settlement Could Be ‘Buy Dips’ – Here’s Why

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