Bitcoin Price Grinds Lower As Risk of Drop To $35K Escalates

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	12,081,264,801	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

12,081,264,801

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.000215	-0.16%	0.137349	0.137339	0.13735

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.000215

-0.16%

0.137349

0.137339

0.13735

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.137743	0.136943	0.137564	0.137564	0.071373 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.137743

0.136943

0.137564

0.071373 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	14:15:19	50.57	0.137349	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

14:15:19

50.57

0.137349

USD

Price x Volume	Volume	Base Symbol	Related Pairs
34,554.10	251,754.94	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

34,554.10

251,754.94

Bitcoin Price Grinds Lower As Risk of Drop To $35K Escalates

28/11/2023 3:10am

NEWSBTC

Bitcoin price is moving lower below the $37,000 level. BTC could continue to move down toward the $36,000 level or even $35,000 zone in the coming sessions. Bitcoin is showing bearish signs and moving lower from the $37,750 resistance. The price is trading below $37,400 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $37,380 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if it breaks the $36,750 support. Bitcoin Price Extends Decline Bitcoin price started a downside correction after it spiked toward the $38,500 zone. BTC followed a bearish path and settled below the $37,200 level (as discussed in yesterday’s post). There was a drop below the $37,000 level. A low was formed near $36,720 and the price is now consolidating losses. It climbed a bit above the 23.6% Fib retracement level of the recent drop from the $38,432 swing high to the $36,720 low. Bitcoin is now trading below $37,400 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $37,400 level. There is also a key bearish trend line forming with resistance near $37,380 on the hourly chart of the BTC/USD pair. The first major resistance is forming near $37,570 or the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent drop from the $38,432 swing high to the $36,720 low. The main resistance is now near the $38,000 level. A close above the $38,000 resistance might start a strong increase. Source: BTCUSD on TradingView.com The next key resistance could be near $38,500, above which BTC could rise toward the $39,200 level. In the stated case, it could even move toward the $40,000 resistance. More Losses In BTC? If Bitcoin fails to rise above the $37,570 resistance zone, it could continue to move down. Immediate support on the downside is near the $36,720 level. The next major support is $36,500. If there is a move below $36,500, there is a risk of more downsides. In the stated case, the price could drop toward the $35,650 support in the near term. The next key support or target could be $35,000. 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 below the 50 level. Major Support Levels – $36,720, followed by $36,000. Major Resistance Levels – $37,400, $37,570, and $38,000.

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