{"id":481906,"date":"2022-01-25T03:18:14","date_gmt":"2022-01-25T03:18:14","guid":{"rendered":"https:\/\/wncen.com\/?p=481906"},"modified":"2024-06-11T14:10:51","modified_gmt":"2024-06-11T14:10:51","slug":"bitcoin-starts-recovery-38k-key-for-reversal","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-starts-recovery-38k-key-for-reversal\/","title":{"rendered":"TA: Bitcoin Starts Recovery, Why $38K Is The Key For Reversal"},"content":{"rendered":"<p><em>Bitcoin extended decline below $34,000 against the US Dollar. BTC is recovering, but it must clear $38,000 for a steady upward move.<\/em><\/p>\n<ul>\n<li>Bitcoin remained in a bearish zone below the $38,000 and $36,500 support levels.<\/li>\n<li>The price is now trading near $36,500 and the 100 hourly simple moving average.<\/li>\n<li>There was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a major increase if there is a clear move above the $38,000 resistance.<\/li>\n<\/ul>\n<h2>Bitcoin Price Eyes Recovery<\/h2>\n<p>Bitcoin price <a href=\"https:\/\/wncen.com\/analysis\/btc\/ta-bitcoin-turns-bearish-bears-in-control-below-40k\/\" target=\"_blank\" rel=\"noopener \">extended decline<\/a> below the $35,000 and $34,000 support levels. BTC even spiked below the $33,000 level. A low was formed near $32,940 and the price recently started a recovery wave.<\/p>\n<p>There was a break above the $35,000 and $35,500 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $43,490 swing high to $32,940 low. Besides, there was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The pair even spiked above the $37,000 level. Bitcoin is now trading near $36,500 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-dives-below-40k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. On the upside, an initial resistance is near the $37,000 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-17.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-481907\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-17.png?resize=1950%2C1113\" alt=\"Bitcoin Price\" width=\"1950\" height=\"1113\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-17.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-17.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-17.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-17.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-17.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-17.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-17.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 $38,000 zone. It is near the 50% Fib retracement level of the recent decline from the $43,490 swing high to $32,940 low. An upside break above the $38,000 resistance could start a steady recovery wave towards $40,000. The next key resistance is near the $41,200 level, above which the bulls might aim a test of $42,000.<\/p>\n<h2>Fresh Decline in BTC?<\/h2>\n<p>If bitcoin fails to start a fresh increase above $38,000, it could start another decline. An immediate support on the downside is near the $36,000 zone.<\/p>\n<p>The first major support is seen near the $35,400 zone. A downside break below the $35,400 support zone may perhaps spark another drop. The next major support is near $34,000, below which the price could revisit the recent low.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $35,400, followed by $34,000.<\/p>\n<p>Major Resistance Levels \u2013 $37,000, $38,000 and $38,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin extended decline below $34,000 against the US Dollar. BTC is recovering, but it must clear $38,000 for a steady upward move. Bitcoin remained in a bearish zone below the $38,000 and $36,500 support levels. The price is now trading near $36,500 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a major increase if there is a clear move above the $38,000 resistance. Bitcoin Price Eyes Recovery Bitcoin price extended decline below the $35,000 and $34,000 support levels. BTC even spiked below the $33,000 level. A low was formed near $32,940 and the price recently started a recovery wave. There was a break above the $35,000 and $35,500 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $43,490 swing high to $32,940 low. Besides, there was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC\/USD pair. The pair even spiked above the $37,000 level. Bitcoin is now trading near $36,500 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $37,000 level. Source: BTCUSD on TradingView.com The first major resistance is near the $38,000 zone. It is near the 50% Fib retracement level of the recent decline from the $43,490 swing high to $32,940 low. An upside break above the $38,000 resistance could start a steady recovery wave towards $40,000. The next key resistance is near the $41,200 level, above which the bulls might aim a test of $42,000. Fresh Decline in BTC? If bitcoin fails to start a fresh increase above $38,000, it could start another decline. An immediate support on the downside is near the $36,000 zone. The first major support is seen near the $35,400 zone. A downside break below the $35,400 support zone may perhaps spark another drop. The next major support is near $34,000, below which the price could revisit the recent low. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $35,400, followed by $34,000. Major Resistance Levels \u2013 $37,000, $38,000 and $38,200.<\/p>\n","protected":false},"author":67,"featured_media":461328,"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-481906","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 Starts Recovery, Why $38K Is The Key For Reversal<\/title>\n<meta name=\"description\" content=\"Bitcoin extended decline below $34,000 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 Starts Recovery, Why $38K Is The Key For Reversal","url":"http:\/\/wncen.com\/news\/bitcoin-starts-recovery-38k-key-for-reversal\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-starts-recovery-38k-key-for-reversal\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_638895124.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_638895124.jpg?fit=1000%2C574"},"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":"2022-01-25T03:18:14Z","datePublished":"2022-01-25T03:18:14Z","dateModified":"2024-06-11T14:10:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Starts Recovery, Why $38K Is The Key For Reversal\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-starts-recovery-38k-key-for-reversal\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-starts-recovery-38k-key-for-reversal\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_638895124.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_638895124.jpg?fit=1000%2C574\"},\"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\":\"2022-01-25T03:18:14Z\",\"datePublished\":\"2022-01-25T03:18:14Z\",\"dateModified\":\"2024-06-11T14:10:51Z\"}<\/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\/shutterstock_638895124.jpg?fit=1000%2C574","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/481906"}],"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=481906"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/481906\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/461328"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=481906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=481906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=481906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}