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{"id":465033,"date":"2021-06-04T03:08:04","date_gmt":"2021-06-04T03:08:04","guid":{"rendered":"https:\/\/wncen.com\/?p=465033"},"modified":"2024-06-11T13:56:09","modified_gmt":"2024-06-11T13:56:09","slug":"bitcoin-faces-another-rejection-40k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-faces-another-rejection-40k\/","title":{"rendered":"TA: Bitcoin Faces Another Rejection, Here\u2019s What Could Trigger Nasty Decline"},"content":{"rendered":"

Bitcoin price climbed above the $38,000 resistance against the US Dollar, but it failed near $39,500. BTC is correcting lower and it might dive if it breaks the $37,000 support.<\/em><\/p>\n

\n
Bitcoin failed to gain momentum for a break above $39,500 and $40,000.<\/li>\n
The price is currently trading above $37,000 and the 100 hourly simple moving average.<\/li>\n
There is a major rising channel forming with support near $37,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair must stay above $37,000 and the 100 hourly SMA to avoid a major decline.<\/li>\n<\/ul>\n
Bitcoin Price Trims Gains<\/h2>\n
Bitcoin started a decent increase above the $37,500 resistance zone. BTC even broke the $38,000 resistance<\/a> level and settled well above the 100 hourly simple moving average.<\/p>\n
The bulls gained strength for a push above the $39,000 level. However, they struggled to a move towards the $40,000 level. The price topped near the $39,500 level and it recently started a fresh decline. There was a break below the $38,500 and $38,000 levels.<\/p>\n
Bitcoin traded below the 50% Fib retracement level of the upward move from the $35,925 swing low to $39,500 high. It is currently trading above $37,000 and the 100 hourly simple moving average<\/a>.<\/p>\n
An immediate support on the downside is near the $37,500 level. There is also a major rising channel forming with support near $37,400 on the hourly chart of the BTC\/USD pair. The channel support is close to the 61.8% Fib retracement level of the upward move from the $35,925 swing low to $39,500 high.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
On the upside, an immediate resistance is near the $38,200 level. The first major resistance is near the $39,500 level. The main resistance is still near the $40,000 zone. A clear break above the $40,000 level could set the pace for a larger increase.<\/p>\n
Downside Break in BTC?<\/h2>\n
If bitcoin fails to clear the $38,500 resistance, it could extend its decline. An initial support on the downside is near the $37,500 level.<\/p>\n
The first major support is near the $37,200 level and the 100 hourly simple moving average. If there is a downside break below the $37,200 support and $37,000, the price could start a sharp decline towards $35,000.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $37,200, followed by $37,000.<\/p>\n
Major Resistance Levels \u2013 $38,500, $39,500 and $40,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price climbed above the $38,000 resistance against the US Dollar, but it failed near $39,500. BTC is correcting lower and it might dive if it breaks the $37,000 support. Bitcoin failed to gain momentum for a break above $39,500 and $40,000. The price is currently trading above $37,000 and the 100 hourly simple moving average. There is a major rising channel forming with support near $37,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must stay above $37,000 and the 100 hourly SMA to avoid a major decline. Bitcoin Price Trims Gains Bitcoin started a decent increase above the $37,500 resistance zone. BTC even broke the $38,000 resistance level and settled well above the 100 hourly simple moving average. The bulls gained strength for a push above the $39,000 level. However, they struggled to a move towards the $40,000 level. The price topped near the $39,500 level and it recently started a fresh decline. There was a break below the $38,500 and $38,000 levels. Bitcoin traded below the 50% Fib retracement level of the upward move from the $35,925 swing low to $39,500 high. It is currently trading above $37,000 and the 100 hourly simple moving average. An immediate support on the downside is near the $37,500 level. There is also a major rising channel forming with support near $37,400 on the hourly chart of the BTC\/USD pair. The channel support is close to the 61.8% Fib retracement level of the upward move from the $35,925 swing low to $39,500 high. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $38,200 level. The first major resistance is near the $39,500 level. The main resistance is still near the $40,000 zone. A clear break above the $40,000 level could set the pace for a larger increase. Downside Break in BTC? If bitcoin fails to clear the $38,500 resistance, it could extend its decline. An initial support on the downside is near the $37,500 level. The first major support is near the $37,200 level and the 100 hourly simple moving average. If there is a downside break below the $37,200 support and $37,000, the price could start a sharp decline towards $35,000. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $37,200, followed by $37,000. Major Resistance Levels \u2013 $38,500, $39,500 and $40,000.<\/p>\n","protected":false},"author":67,"featured_media":465035,"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-465033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Bitcoin Faces Another Rejection, Here\u2019s What Could Trigger Nasty Decline<\/title>\n<meta name=\"description\" content=\"Bitcoin price climbed above the $38,000 resistance against the US Dollar, but it failed near $39,500. 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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":"TA: Bitcoin Faces Another Rejection, Here\u2019s What Could Trigger Nasty Decline","url":"http:\/\/wncen.com\/news\/bitcoin-faces-another-rejection-40k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-faces-another-rejection-40k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/06\/shutterstock_146143109.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/06\/shutterstock_146143109.jpg?fit=1000%2C684"},"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":"2021-06-04T03:08:04Z","datePublished":"2021-06-04T03:08:04Z","dateModified":"2024-06-11T13:56:09Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Faces Another Rejection, Here\\u2019s What Could Trigger Nasty Decline\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-faces-another-rejection-40k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-faces-another-rejection-40k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/shutterstock_146143109.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/shutterstock_146143109.jpg?fit=1000%2C684\"},\"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\":\"2021-06-04T03:08:04Z\",\"datePublished\":\"2021-06-04T03:08:04Z\",\"dateModified\":\"2024-06-11T13:56:09Z\"}<\/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\/06\/shutterstock_146143109.jpg?fit=1000%2C684","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/465033"}],"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=465033"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/465033\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/465035"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=465033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=465033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=465033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}