{"id":202682,"date":"2023-11-29T09:03:08","date_gmt":"2023-11-29T03:33:08","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=202682"},"modified":"2023-11-29T09:03:08","modified_gmt":"2023-11-29T03:33:08","slug":"bitcoin-price-avoids-collapse-but-can-bulls-clear-this-major-hurdle-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-avoids-collapse-but-can-bulls-clear-this-major-hurdle-crypto-news\/","title":{"rendered":"Bitcoin Price Avoids Collapse But Can Bulls Clear This Major Hurdle? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><em>Bitcoin price trimmed losses and climbed above $37,750. BTC gained pace but it is still struggling to clear the $38,500 resistance zone.<\/em><\/p>\n<ul>\n<li>Bitcoin is again facing heavy resistance near the $38,500 zone.<\/li>\n<li>The price is trading above $37,500 and the 100 hourly Simple moving average.<\/li>\n<li>There was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is struggling to clear the $38,500 resistance and correcting gains.<\/li>\n<\/ul>\n<h2>Bitcoin Price Extends Decline<\/h2>\n<p>Bitcoin price revisited the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-grinds-lower-35k\/\">$36,720 support zone<\/a>. BTC managed to avoid a collapse and started a fresh increase above the $37,000 level. There was a clear move above the $37,500 level.<\/p>\n<p>Besides, there was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC\/USD pair. The pair surged above the $37,750 resistance. However, the bears were again active near the $38,500 resistance.<\/p>\n<p>A high was formed near $38,390 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the recent wave from the $36,720 swing low to the $38,390 high.<\/p>\n<p>Bitcoin is now trading above $37,500 and the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-faces-rejection-38k\/\">100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $38,200 level. The first major resistance is forming near $38,400. The main resistance is now near the $38,500 level. A close above the $38,500 resistance might start a strong increase.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/11\/Bitcoin-25.png?resize=1024%2C468\"><\/a><\/p>\n<p>Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">BTCUSD on TradingView.com<\/a><\/p>\n<p>The next key resistance could be near $39,200, above which BTC could rise toward the $39,500 level. Any more gains might send BTC toward the $40,000 resistance.<\/p>\n<h2>Another Drop In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $38,400 resistance zone, it could start another decline. Immediate support on the downside is near the $37,600 level.<\/p>\n<p>The next major support is $37,500 or the 50% Fib retracement level of the recent wave from the $36,720 swing low to the $38,390 high. If there is a move below $37,500, there is a risk of more downsides. In the stated case, the price could drop toward the $36,720 support in the near term.<\/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 $37,600, followed by $37,500.<\/p>\n<p>Major Resistance Levels \u2013 $38,400, $38,500, and $39,200.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price trimmed losses and climbed above $37,750. BTC gained pace but it is still struggling to clear the $38,500 resistance zone. Bitcoin is again facing heavy resistance near the $38,500 zone. The price is trading above $37,500 and the 100 hourly Simple moving average. There was a break above a major bearish trend line [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":13182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-202682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/202682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=202682"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/202682\/revisions"}],"predecessor-version":[{"id":202683,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/202682\/revisions\/202683"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/13182"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=202682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=202682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=202682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}