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{"id":454650,"date":"2021-01-17T04:48:19","date_gmt":"2021-01-17T04:48:19","guid":{"rendered":"https:\/\/wncen.com\/?p=454650"},"modified":"2024-06-11T14:12:48","modified_gmt":"2024-06-11T14:12:48","slug":"bitcoin-btc-could-dive-to-32k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-could-dive-to-32k\/","title":{"rendered":"Bitcoin Struggles Below $38K, Why BTC Could Dive To $32K"},"content":{"rendered":"

Bitcoin price is struggling to clear the $38,000 and $40,000 resistance levels against the US Dollar. BTC is currently consolidating above $36,000 and it remains at a risk of a downside break.<\/em><\/p>\n

\n
Bitcoin is trading in a short-term bearish zone below the $38,000 and $40,000 resistance levels.<\/li>\n
The price is holding a key support zone near $35,600 and the 100 simple moving average (4-hours).<\/li>\n
There is a major contracting triangle forming with support near $35,550 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could start a strong decline if it clears the $35,500 and $35,000 support levels in the near term.<\/li>\n<\/ul>\n
Bitcoin Price Correcting Gains<\/h2>\n
This past week, bitcoin price climbed higher sharply above the $38,000 resistance against the US Dollar. The BTC\/USD pair even spiked above the $40,000 resistance<\/a>, but it failed to continue higher.<\/p>\n
A high was formed near $40,036 and the price settled well above the 100 simple moving average (4-hours). Recently, there was a fresh decline and the price broke the $38,000 support. It even traded below the $36,000 level and formed a low at $34,319.<\/p>\n
The price is currently consolidating<\/a> above the $35,000 level and the 100 simple moving average (4-hours). It was already rejected once near the 61.8% Fib retracement level of the recent decline from the $40,036 swing high to $34,319 low.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
There is also a major contracting triangle forming with support near $35,550 on the 4-hours chart of the BTC\/USD pair. The triangle support is near the $35,000 breakdown zone and the 100 simple moving average (4-hours).<\/p>\n
If there is a downside break below the $35,500 and $35,000 support levels, bitcoin price might accelerate lower. The next major support on the downside is near the $34,000 level. Any more losses could open the doors for a push towards the $32,000 and $30,000 support levels in the near term.<\/p>\n
Upside Break in BTC?<\/h2>\n
If bitcoin stays above the triangle support, $35,000, and the 100 simple moving average (4-hours), it could start a fresh increase.<\/p>\n
The main resistance on the upside is near the $38,600 zone and the triangle upper trend line. It is close to 76.4% Fib retracement level of the recent decline from the $40,036 swing high to $34,319 low. A close above the $38,600 level could open the doors for a strong surge above $40,000.<\/p>\n
Technical indicators<\/p>\n
4 hours MACD \u2013 The MACD for BTC\/USD is losing momentum in the bullish zone.<\/p>\n
4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Level \u2013 $35,500<\/p>\n
Major Resistance Level \u2013 $38,600<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is struggling to clear the $38,000 and $40,000 resistance levels against the US Dollar. BTC is currently consolidating above $36,000 and it remains at a risk of a downside break. Bitcoin is trading in a short-term bearish zone below the $38,000 and $40,000 resistance levels. The price is holding a key support zone near $35,600 and the 100 simple moving average (4-hours). There is a major contracting triangle forming with support near $35,550 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair could start a strong decline if it clears the $35,500 and $35,000 support levels in the near term. Bitcoin Price Correcting Gains This past week, bitcoin price climbed higher sharply above the $38,000 resistance against the US Dollar. The BTC\/USD pair even spiked above the $40,000 resistance, but it failed to continue higher. A high was formed near $40,036 and the price settled well above the 100 simple moving average (4-hours). Recently, there was a fresh decline and the price broke the $38,000 support. It even traded below the $36,000 level and formed a low at $34,319. The price is currently consolidating above the $35,000 level and the 100 simple moving average (4-hours). It was already rejected once near the 61.8% Fib retracement level of the recent decline from the $40,036 swing high to $34,319 low. Source: BTCUSD on TradingView.com There is also a major contracting triangle forming with support near $35,550 on the 4-hours chart of the BTC\/USD pair. The triangle support is near the $35,000 breakdown zone and the 100 simple moving average (4-hours). If there is a downside break below the $35,500 and $35,000 support levels, bitcoin price might accelerate lower. The next major support on the downside is near the $34,000 level. Any more losses could open the doors for a push towards the $32,000 and $30,000 support levels in the near term. Upside Break in BTC? If bitcoin stays above the triangle support, $35,000, and the 100 simple moving average (4-hours), it could start a fresh increase. The main resistance on the upside is near the $38,600 zone and the triangle upper trend line. It is close to 76.4% Fib retracement level of the recent decline from the $40,036 swing high to $34,319 low. A close above the $38,600 level could open the doors for a strong surge above $40,000. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is losing momentum in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Level \u2013 $35,500 Major Resistance Level \u2013 $38,600<\/p>\n","protected":false},"author":67,"featured_media":454653,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-454650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Struggles Below $38K, Why BTC Could Dive To $32K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to clear the $38,000 and $40,000 resistance levels. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Struggles Below $38K, Why BTC Could Dive To $32K","url":"http:\/\/wncen.com\/news\/bitcoin-btc-could-dive-to-32k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-could-dive-to-32k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/shutterstock_127419983.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/shutterstock_127419983.jpg?fit=1000%2C769"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-01-17T04:48:19Z","datePublished":"2021-01-17T04:48:19Z","dateModified":"2024-06-11T14:12:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Struggles Below $38K, Why BTC Could Dive To $32K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-could-dive-to-32k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-could-dive-to-32k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/01\\\/shutterstock_127419983.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/01\\\/shutterstock_127419983.jpg?fit=1000%2C769\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-01-17T04:48:19Z\",\"datePublished\":\"2021-01-17T04:48:19Z\",\"dateModified\":\"2024-06-11T14:12:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/shutterstock_127419983.jpg?fit=1000%2C769","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/454650"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=454650"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/454650\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/454653"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=454650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=454650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=454650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}