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

2023-11-15 03:47:04

Bitcoin price declined below the $36,000 zone. BTC tested the $34,650 support zone and is currently consolidating losses near $35,500.

Bitcoin declined heavily after the US CPI declined more than expected.
The price is trading below $36,500 and the 100 hourly Simple moving average.
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).
The pair could trade in a range before the bulls attempt a new increase in the near term.

Bitcoin Price Revisits Key Support

Bitcoin price failed to surpass the $37,500 resistance. 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 100 hourly Simple moving average. 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.

Source: BTCUSD on TradingView.com

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.

More Losses In BTC?

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.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.