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{"id":562549,"date":"2023-11-27T03:22:23","date_gmt":"2023-11-27T03:22:23","guid":{"rendered":"https:\/\/wncen.com\/?p=562549"},"modified":"2024-06-11T14:45:26","modified_gmt":"2024-06-11T14:45:26","slug":"bitcoin-price-faces-rejection-38k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-faces-rejection-38k\/","title":{"rendered":"Bitcoin Price Faces Rejection and Now At Risk of Downside Extension"},"content":{"rendered":"

Bitcoin price is still struggling to settle above $38,000. BTC is showing a few bearish signs and might decline below the $37,150 support.<\/em><\/p>\n

\n
Bitcoin is still facing heavy resistance near the $37,750 resistance.<\/li>\n
The price is trading below $37,500 and the 100 hourly Simple moving average.<\/li>\n
There is a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could continue to move down if it breaks the $37,150 support.<\/li>\n<\/ul>\n
Bitcoin Price Signals Downside Correction<\/h2>\n
Bitcoin price made another attempt to surpass the $37,750 resistance<\/a>. BTC spiked above the $37,750 and $38,000 resistance levels. However, it failed to stay above the $38,000 level.<\/p>\n
A high was formed near $38,432 and the price reacted to the downside. There was a move below the $38,000 and $37,750 levels. A low is formed near $37,151 and the price is now consolidating losses. It is showing bearish signs below the 23.6% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low. This price movement is akin to the unpredictability seen in online casinos<\/a>, where similar rapid changes can affect betting decisions.<\/p>\n
Bitcoin is now trading below $37,500 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $37,400 level. There is also a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC\/USD pair.<\/p>\n
The first major resistance is forming near $37,750. The main resistance is now near the $38,000 level or the 61.8% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low. A close above the $38,000 resistance might start a strong increase.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/p>\n
The next key resistance could be near $38,500, above which BTC could rise and test the $39,200 level. In the stated case, it could even rally toward the $40,000 resistance.<\/p>\n
More Losses In BTC?<\/h2>\n
If Bitcoin fails to rise above the $38,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $37,150 level.<\/p>\n
The next major support is $36,700. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $36,000 support in the near term. The next key support or target could be $35,650.<\/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 $37,150, followed by $36,700.<\/p>\n
Major Resistance Levels \u2013 $37,750, $38,000, and $38,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is still struggling to settle above $38,000. BTC is showing a few bearish signs and might decline below the $37,150 support. Bitcoin is still facing heavy resistance near the $37,750 resistance. The price is trading below $37,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could continue to move down if it breaks the $37,150 support. Bitcoin Price Signals Downside Correction Bitcoin price made another attempt to surpass the $37,750 resistance. BTC spiked above the $37,750 and $38,000 resistance levels. However, it failed to stay above the $38,000 level. A high was formed near $38,432 and the price reacted to the downside. There was a move below the $38,000 and $37,750 levels. A low is formed near $37,151 and the price is now consolidating losses. It is showing bearish signs below the 23.6% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low. This price movement is akin to the unpredictability seen in online casinos, where similar rapid changes can affect betting decisions. Bitcoin is now trading below $37,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $37,400 level. There is also a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC\/USD pair. The first major resistance is forming near $37,750. The main resistance is now near the $38,000 level or the 61.8% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low. A close above the $38,000 resistance might start a strong increase. Source: BTCUSD on TradingView.com The next key resistance could be near $38,500, above which BTC could rise and test the $39,200 level. In the stated case, it could even rally toward the $40,000 resistance. More Losses In BTC? If Bitcoin fails to rise above the $38,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $37,150 level. The next major support is $36,700. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $36,000 support in the near term. The next key support or target could be $35,650. 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 $37,150, followed by $36,700. Major Resistance Levels \u2013 $37,750, $38,000, and $38,500.<\/p>\n","protected":false},"author":67,"featured_media":459029,"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":[428,679,1144,78790,76835],"class_list":["post-562549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Price Faces Rejection and Now At Risk of Downside Extension<\/title>\n<meta name=\"description\" content=\"Bitcoin price is still struggling to settle above $38,000. 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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 Price Faces Rejection and Now At Risk of Downside Extension","url":"http:\/\/wncen.com\/news\/bitcoin-price-faces-rejection-38k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-faces-rejection-38k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_65884069.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_65884069.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","bitcoin price","btcusd","btcusdt","xbtusd"],"dateCreated":"2023-11-27T03:22:23Z","datePublished":"2023-11-27T03:22:23Z","dateModified":"2024-06-11T14:45:26Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Faces Rejection and Now At Risk of Downside Extension\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-faces-rejection-38k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-faces-rejection-38k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_65884069.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_65884069.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\",\"bitcoin price\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2023-11-27T03:22:23Z\",\"datePublished\":\"2023-11-27T03:22:23Z\",\"dateModified\":\"2024-06-11T14:45:26Z\"}<\/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\/03\/shutterstock_65884069.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/562549"}],"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=562549"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/562549\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/459029"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=562549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=562549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=562549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}