Bitcoin

Resistance

Bitcoin price declined below the $36,000 zone. BTC tested the $34,650 support zone and is currently consolidating losses near $35,500. 
<ul> 
 <li>Bitcoin declined heavily after the US CPI declined more than expected.</li> 
 <li>The price is trading below $36,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance near $36,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could trade in a range before the bulls attempt a new increase in the near term.</li> 
</ul> 
<h2 id="bitcoin-price-revisits-key-support">Bitcoin Price Revisits Key Support</h2> 
Bitcoin price failed to surpass the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-lacks-momentum-37k/" target="_blank" rel="noopener ">$37,500 resistance</a>. BTC started a fresh decline from the $37,423 high and declined below many supports. There was a move below the $36,000 and $35,500 levels. The price even spiked below $35,000. 
It retested the $34,650 support zone. A low was formed near $34,666 and the price is now correcting losses. There was a move above the $35,000 level. The price climbed above the 23.6% Fib retracement level of the recent drop from the $37,423 swing high to the $34,666 low. 
Bitcoin is now trading below $36,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-40000/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bearish trend line forming with resistance near $36,050 on the hourly chart of the BTC/USD pair. 
On the upside, immediate resistance is near the $35,680 level. The next key resistance could be near $36,000 or the trend line. The trend line is close to the 50% Fib retracement level of the recent drop from the $37,423 swing high to the $34,666 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-14.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-560719" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-14.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-14.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-14.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-14.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-14.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-14.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-14.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-14.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
The first major resistance is near $36,780, above which the price might accelerate further higher. In the stated case, it could test the $37,000 level. Any more gains might send BTC toward the $37,500 level, above which the price could gain bullish momentum and rally toward $38,000. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $36,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $35,150 level. 
The next major support is $35,000. If there is a move below $35,000, there is a risk of more downsides. In the stated case, the price could drop toward the key support at $34,650 in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $35,150, followed by $34,650. 
Major Resistance Levels – $36,000, $36,780, and $37,000.

Bitcoin Price Takes Hit Despite Drop in US CPI But Bulls Still In Control

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