{"id":468621,"date":"2021-08-04T03:08:53","date_gmt":"2021-08-04T03:08:53","guid":{"rendered":"https:\/\/wncen.com\/?p=468621"},"modified":"2024-06-11T13:57:28","modified_gmt":"2024-06-11T13:57:28","slug":"bitcoin-struggle-below-40k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-struggle-below-40k\/","title":{"rendered":"TA: Bitcoin Continues To Struggle, Why BTC Might Start Fresh Increase"},"content":{"rendered":"<p><em>Bitcoin price extended its decline below the $38,000 support zone against the US Dollar. BTC is now showing signs of an upside correction as long as it is above $38,000.<\/em><\/p>\n<ul>\n<li>Bitcoin extended its decline below the $39,000 and $38,000 support levels.<\/li>\n<li>The price is now trading well below $39,000 and the 100 hourly simple moving average.<\/li>\n<li>There was a break above a crucial bearish trend line with resistance near $38,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a decent increase as long as there is no daily close below $38,000.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Consolidating<\/h2>\n<p>Bitcoin price <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-remains-at-risk-38k\/\" target=\"_blank\" rel=\"noopener \">extended its decline<\/a> below the $39,200 and $39,000 support levels. BTC even broke the $38,500 level to move further into a bearish zone.<\/p>\n<p>The price spiked below the $38,000 support level and it settled well below the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-corrects-gains-37k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. A low is formed near $37,660 and the price is now attempting an upside correction. There was a break above the $38,000 level.<\/p>\n<p>Besides, there was a break above a crucial bearish trend line with resistance near $38,200 on the hourly chart of the BTC\/USD pair. Bitcoin is now facing resistance near the $38,800 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-2.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-468622\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-2.png?resize=1828%2C867\" alt=\"Bitcoin Price\" width=\"1828\" height=\"867\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-2.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-2.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-2.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-2.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-2.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-2.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-2.png?w=1140 1140w\" sizes=\"auto, (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>It is close to the 23.6% Fib retracement level of the key drop from the $42,630 swing high to $37,660 low. The next major resistance is near the $39,500 level. The main resistance is now forming near the $40,000 level and the 100 hourly simple moving average.<\/p>\n<p>It is near the 50% Fib retracement level of the key drop from the $42,630 swing high to $37,660 low. If there is an upside break above $38,800 and $40,000, bitcoin could gain traction. The next major resistance on the upside is near the $41,450 zone.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin fails to climb above the $38,800 and $40,000 resistance levels, it could continue to move down. An initial support on the downside is near the $38,000 level.<\/p>\n<p>The first major support is now near the $37,800 zone. A clear downside break below the $37,800 support might call for more losses. The next major support is near the $37,000 zone.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $38,000, followed by $37,000.<\/p>\n<p>Major Resistance Levels \u2013 $38,880, $39,500 and $40,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price extended its decline below the $38,000 support zone against the US Dollar. BTC is now showing signs of an upside correction as long as it is above $38,000. Bitcoin extended its decline below the $39,000 and $38,000 support levels. The price is now trading well below $39,000 and the 100 hourly simple moving average. There was a break above a crucial bearish trend line with resistance near $38,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a decent increase as long as there is no daily close below $38,000. Bitcoin Price is Consolidating Bitcoin price extended its decline below the $39,200 and $39,000 support levels. BTC even broke the $38,500 level to move further into a bearish zone. The price spiked below the $38,000 support level and it settled well below the 100 hourly simple moving average. A low is formed near $37,660 and the price is now attempting an upside correction. There was a break above the $38,000 level. Besides, there was a break above a crucial bearish trend line with resistance near $38,200 on the hourly chart of the BTC\/USD pair. Bitcoin is now facing resistance near the $38,800 level. Source: BTCUSD on TradingView.com It is close to the 23.6% Fib retracement level of the key drop from the $42,630 swing high to $37,660 low. The next major resistance is near the $39,500 level. The main resistance is now forming near the $40,000 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the key drop from the $42,630 swing high to $37,660 low. If there is an upside break above $38,800 and $40,000, bitcoin could gain traction. The next major resistance on the upside is near the $41,450 zone. More Losses in BTC? If bitcoin fails to climb above the $38,800 and $40,000 resistance levels, it could continue to move down. An initial support on the downside is near the $38,000 level. The first major support is now near the $37,800 zone. A clear downside break below the $37,800 support might call for more losses. The next major support is near the $37,000 zone. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well below the 50 level. Major Support Levels \u2013 $38,000, followed by $37,000. Major Resistance Levels \u2013 $38,880, $39,500 and $40,000.<\/p>\n","protected":false},"author":67,"featured_media":462274,"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-468621","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 Continues To Struggle, Why BTC Might Start Fresh Increase<\/title>\n<meta name=\"description\" content=\"Bitcoin price extended its decline below the $38,000 support 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 Continues To Struggle, Why BTC Might Start Fresh Increase","url":"http:\/\/wncen.com\/news\/bitcoin-struggle-below-40k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-struggle-below-40k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Depositphotos_179514440_s-2019.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Depositphotos_179514440_s-2019.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":"2021-08-04T03:08:53Z","datePublished":"2021-08-04T03:08:53Z","dateModified":"2024-06-11T13:57:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Continues To Struggle, Why BTC Might Start Fresh Increase\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-struggle-below-40k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-struggle-below-40k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Depositphotos_179514440_s-2019.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Depositphotos_179514440_s-2019.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\":\"2021-08-04T03:08:53Z\",\"datePublished\":\"2021-08-04T03:08:53Z\",\"dateModified\":\"2024-06-11T13:57:28Z\"}<\/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\/04\/Depositphotos_179514440_s-2019.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/468621","targetHints":{"allow":["GET"]}}],"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=468621"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/468621\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/462274"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=468621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=468621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=468621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}