Bitcoin failed to maintain its position over $38,000 and slid back
Bitcoin is going through a slump, possibly because some folks who wanted to make fast money are selling it after it had a good run in October and early November. This drop in value is happening as Bitcoin traders are waiting for the US Consumer Price Index (CPI) data for October. They’re keeping an eye on economic factors that could influence Bitcoin’s price. Currently, Bitcoin (BTC) is priced below $36,000.
According to Coingabbar Technical Analysis, Bitcoin struggled to breach the $38,000 resistance and initiated a decline from the $38,028 peak, breaking through multiple support levels, including $36,000 and $35,500. The price briefly dipped below $35,000, testing the $34,650 ¥ support zone before establishing a low around $34,843. Currently in a corrective phase, Bitcoin
has surpassed the $35,000 level and the 23.6% Fibonacci retracement level. However, it remains below $36,500 and the 100-hourly Simple Moving Average. Notably, a significant bearish trend line is taking shape with resistance near $36,500 on the BTC/USD pair’s hourly chart.
RESISTANCE LEVEL : $36,000-$36,500
SUPPORT LEVEL : $35,200-$34,800
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth
examination or seek independent advice.
#Bitcoin-BTC has experienced a strong bullish rally, meaning its price has significantly increased. It has also achieved a higher high, which means the price has reached a level higher than in the previous rally. Currently, Bitcoin is in the process of establishing a higher low, meaning the price is expected to decrease to a certain point but not as low as the previous low.
The analysis suggests that there is a support level at the current price, where buyers are expected to enter the market and push the price higher again. This support level acts as a floor for the price, preventing it from falling further.
However, if Bitcoin fails to maintain a position above this support level, it could drop further and retest a previous support level. This means the price could go down to a level that has previously acted as a support and then potentially bounce back up. If this happens, it would reinforce the belief in the upward trend, indicating that buyers are still interested in purchasing Bitcoin at higher prices.
Overall, this analysis suggests that there is a positive sentiment for Bitcoin, with expectatio’ NA of a rebound from the current support level ana the potential formation of another higher low, solidifying the upward trend.