Categories: Bitcoin Latest News

TA: Bitcoin Resumes Decline, Why BTC Could Revisit $35K

Bitcoin started a fresh decline below $40,000 against the US Dollar. BTC is gaining bearish momentum and could even drop to the $35,000 support.

Bitcoin started a fresh decline below the $40,000 and $39,000 levels.
The price is trading below $40,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down towards $35,000 unless it recovers above $39,000.

Bitcoin Price Extends Decline

Bitcoin price started another major decline after it failed to stay above the $42,000 support. BTC broke many important supports near $40,000 to enter a bearish zone.

The price gained bearish momentum below the $39,000 level and the 100 hourly simple moving average. It even declined below the $38,000 support level and traded as low as $37,801. The current price action suggests more downsides below $37,800.

If there is an upside correction, bitcoin price might face resistance near the $38,500 level. It is close to the 23.6% Fib retracement level of the recent decline from the $41,920 swing high to $37,801 low.

There is also a key bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair. The first key resistance is near the $39,800 level. It is close to the 50% Fib retracement level of the recent decline from the $41,920 swing high to $37,801 low.

Source: BTCUSD on TradingView.com

A clear move above the trend line resistance and then a move above $39,800 might start a steady increase. The next major resistance for the bulls may possibly be near the $40,500 level and the 100 hourly simple moving average.

More Losses in BTC?

If bitcoin fails to clear the $38,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $37,800 zone.

The next major support is seen near the $37,400 level. If there is a downside break below the $37,400 support, the price might start a major decline. In the stated case, there is a risk of a move towards the $35,000 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 30 level.

Major Support Levels – $37,800, followed by $37,400.

Major Resistance Levels – $38,500, $39,800 and $40,000.

Bitcoin started a fresh decline below $40,000 against the US Dollar. BTC is gaining bearish momentum and could even drop to the $35,000 support.

Bitcoin started a fresh decline below the $40,000 and $39,000 levels.
The price is trading below $40,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down towards $35,000 unless it recovers above $39,000.

Bitcoin Price Extends Decline

Bitcoin price started another major decline after it failed to stay above the $42,000 support. BTC broke many important supports near $40,000 to enter a bearish zone.

The price gained bearish momentum below the $39,000 level and the 100 hourly simple moving average. It even declined below the $38,000 support level and traded as low as $37,801. The current price action suggests more downsides below $37,800.

If there is an upside correction, bitcoin price might face resistance near the $38,500 level. It is close to the 23.6% Fib retracement level of the recent decline from the $41,920 swing high to $37,801 low.

There is also a key bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair. The first key resistance is near the $39,800 level. It is close to the 50% Fib retracement level of the recent decline from the $41,920 swing high to $37,801 low.

Source: BTCUSD on TradingView.com

A clear move above the trend line resistance and then a move above $39,800 might start a steady increase. The next major resistance for the bulls may possibly be near the $40,500 level and the 100 hourly simple moving average.

More Losses in BTC?

If bitcoin fails to clear the $38,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $37,800 zone.

The next major support is seen near the $37,400 level. If there is a downside break below the $37,400 support, the price might start a major decline. In the stated case, there is a risk of a move towards the $35,000 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 30 level.

Major Support Levels – $37,800, followed by $37,400.

Major Resistance Levels – $38,500, $39,800 and $40,000.

Tags: bitcoinbtcusdBTCUSDTxbtusd

FeedzyRead More

Recent Posts

Buy As Much Bitcoin As You Can Before $100K

Follow Nikolaus On X Here Today, Fox Business’s Eleanor Terrett revealed that the Pennsylvania House…

55 minutes ago

MicroStrategy’s Bitcoin Strategy Won’t Work As Well for Other Companies

Look, I am not an expert in public markets, but raising money to buy more…

55 minutes ago

Bitcoin Trader Unrealized Profit Margins At High Levels – Risk Of Correction?

Bitcoin set a new all-time high yesterday, reaching $93,483, continuing its impressive rally without significant…

2 hours ago

Dogecoin Price Could See Swift 175% Surge As DOGE/BTC Pair Records Major Breakout

The Dogecoin price recently surged 20% after President-elect Donald Trump announced the formation of a…

3 hours ago

More Nodeless Non-custodial Bitcoin Lightning Wallets, Por Favor

Follow Frank on X. On Tuesday, Breez announced its latest partner, Yopaki, a Mexican neobank. Yopaki…

4 hours ago

First Mover Americas: Bitcoin Trades Around $91K as ETF Inflows Remain Strong

The latest price moves in bitcoin (BTC) and crypto markets in context for Nov. 14,…

5 hours ago