{"id":482766,"date":"2022-02-03T03:08:45","date_gmt":"2022-02-03T03:08:45","guid":{"rendered":"https:\/\/wncen.com\/?p=482766"},"modified":"2024-06-11T14:11:10","modified_gmt":"2024-06-11T14:11:10","slug":"bitcoin-resumes-decline-38k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-resumes-decline-38k\/","title":{"rendered":"TA: Bitcoin Resumes Decline, Why Bulls Might Struggle In Near-term"},"content":{"rendered":"<p><em>Bitcoin failed to test the $40,000 resistance zone against the US Dollar. BTC is now declining and might slide towards the $36,000 support zone.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh decline after it failed to clear the $39,250 resistance zone.<\/li>\n<li>The price is now trading below $38,000 and the 100 hourly simple moving average.<\/li>\n<li>There was a break below a major bullish trend line with support near $37,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could continue to decline towards the $36,000 support or even $35,500.<\/li>\n<\/ul>\n<h2>Bitcoin Price Tops Below $40K<\/h2>\n<p>Bitcoin price attempted a move towards the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-lacks-momentum-38-5k\/\" target=\"_blank\" rel=\"noopener \">$40,000 resistance zone<\/a>. However, BTC failed to gain pace above the $39,250 zone. A high was formed near $39,290 and the price started a fresh decline.<\/p>\n<p>There was a clear move below the $38,000 support level and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-near-crucial-juncture-38800\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. Besides, there was a break below a major bullish trend line with support near $37,500 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The pair traded below the 76.4% Fib retracement level of the key move from the $36,665 swing low to $39,290 high. It is now showing a few bearish signs below the $37,000 level. On the upside, an initial resistance is near the $37,200 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Bitcoin-2.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-482767\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Bitcoin-2.png?resize=1834%2C848\" alt=\"Bitcoin Price\" width=\"1834\" height=\"848\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Bitcoin-2.png?w=1834 1834w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Bitcoin-2.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Bitcoin-2.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Bitcoin-2.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Bitcoin-2.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Bitcoin-2.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Bitcoin-2.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The first major resistance is near the $37,500 zone. The main hurdle is now forming near the $38,000 zone and the 100 hourly simple moving average (the recent breakdown zone). A clear move above the $38,000 resistance could start a fresh increase. In the stated case, the price could revisit the $39,250 level.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin fails to start a fresh increase above $38,000, it could continue to move down. An immediate support on the downside is near the $36,650 zone.<\/p>\n<p>The first major support is seen near the $36,000 zone. It is near the 1.236 Fib extension level of the key move from the $36,665 swing low to $39,290 high. Any more losses might call for a move towards the $35,500 support zone in the near term. A downside break below the $35,500 support zone may perhaps call for a drop to $33,200.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is well below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $36,000, followed by $35,500.<\/p>\n<p>Major Resistance Levels \u2013 $37,500, $38,000 and $39,250.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin failed to test the $40,000 resistance zone against the US Dollar. BTC is now declining and might slide towards the $36,000 support zone. Bitcoin started a fresh decline after it failed to clear the $39,250 resistance zone. The price is now trading below $38,000 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $37,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could continue to decline towards the $36,000 support or even $35,500. Bitcoin Price Tops Below $40K Bitcoin price attempted a move towards the $40,000 resistance zone. However, BTC failed to gain pace above the $39,250 zone. A high was formed near $39,290 and the price started a fresh decline. There was a clear move below the $38,000 support level and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $37,500 on the hourly chart of the BTC\/USD pair. The pair traded below the 76.4% Fib retracement level of the key move from the $36,665 swing low to $39,290 high. It is now showing a few bearish signs below the $37,000 level. On the upside, an initial resistance is near the $37,200 level. Source: BTCUSD on TradingView.com The first major resistance is near the $37,500 zone. The main hurdle is now forming near the $38,000 zone and the 100 hourly simple moving average (the recent breakdown zone). A clear move above the $38,000 resistance could start a fresh increase. In the stated case, the price could revisit the $39,250 level. More Losses in BTC? If bitcoin fails to start a fresh increase above $38,000, it could continue to move down. An immediate support on the downside is near the $36,650 zone. The first major support is seen near the $36,000 zone. It is near the 1.236 Fib extension level of the key move from the $36,665 swing low to $39,290 high. Any more losses might call for a move towards the $35,500 support zone in the near term. A downside break below the $35,500 support zone may perhaps call for a drop to $33,200. Technical indicators: Hourly MACD \u2013 The MACD is now gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is well below the 50 level. Major Support Levels \u2013 $36,000, followed by $35,500. Major Resistance Levels \u2013 $37,500, $38,000 and $39,250.<\/p>\n","protected":false},"author":67,"featured_media":463748,"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-482766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin Resumes Decline, Why Bulls Might Struggle In Near-term<\/title>\n<meta name=\"description\" content=\"Bitcoin failed to test the $40,000 resistance zone against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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 Resumes Decline, Why Bulls Might Struggle In Near-term","url":"http:\/\/wncen.com\/news\/bitcoin-resumes-decline-38k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-resumes-decline-38k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_649342378.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_649342378.jpg?fit=1000%2C667"},"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":"2022-02-03T03:08:45Z","datePublished":"2022-02-03T03:08:45Z","dateModified":"2024-06-11T14:11:10Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Resumes Decline, Why Bulls Might Struggle In Near-term\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-resumes-decline-38k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-resumes-decline-38k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_649342378.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_649342378.jpg?fit=1000%2C667\"},\"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\":\"2022-02-03T03:08:45Z\",\"datePublished\":\"2022-02-03T03:08:45Z\",\"dateModified\":\"2024-06-11T14:11:10Z\"}<\/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\/05\/shutterstock_649342378.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/482766"}],"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=482766"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/482766\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/463748"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=482766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=482766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=482766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}