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{"id":468501,"date":"2021-08-02T03:08:02","date_gmt":"2021-08-02T03:08:02","guid":{"rendered":"https:\/\/uniquehot.com\/?p=468501"},"modified":"2024-06-11T13:57:26","modified_gmt":"2024-06-11T13:57:26","slug":"bitcoin-corrects-gains-37k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-corrects-gains-37k\/","title":{"rendered":"TA: Bitcoin Corrects Gains, Why BTC Could Extend Losses"},"content":{"rendered":"

Bitcoin price started a downside correction from the $42,600 zone against the US Dollar. BTC is now trading below $40,000 and it might extend losses towards $38,500.<\/em><\/p>\n

\n
Bitcoin started a downside correction below the $41,200 and $40,000 support levels.<\/li>\n
The price is now trading below $40,000 and the 100 hourly simple moving average.<\/li>\n
There is a key bearish trend line forming with resistance near $40,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to continue lower towards the $38,500 support zone in the near term.<\/li>\n<\/ul>\n
Bitcoin Price Back Below $40K<\/h2>\n
Bitcoin price extended its increase<\/a> above the $42,000 resistance level. BTC even climbed above the $42,500 resistance level and settled above the 100 hourly simple moving average.<\/p>\n
However, the price struggled above the $42,600 level. A high was formed near $42,629 before the price started a downside correction. There was a break below the $41,200 and $40,500 support levels. It even broke the $40,000 support level and the 100 hourly simple moving average<\/a>.<\/p>\n
A low is formed near $39,281 and the price is now consolidating. An immediate resistance on the upside is near the $40,000 level. It is near the 23.6% Fib retracement level of the downward move from the $42,629 swing high to $39,281 low.<\/p>\n
The first major resistance is near the $40,500 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $40,500 on the hourly chart of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The trend line is close to the 50% Fib retracement level of the downward move from the $42,629 swing high to $39,281 low. If there is an upside break above the trend line, bitcoin could rise towards $41,200. The next major resistance on the upside is near the $42,000 zone.<\/p>\n
More Losses in BTC?<\/h2>\n
If bitcoin fails to climb above the $40,000 and $40,500 resistance levels, it could continue to move down. An initial support on the downside is near the $39,200 level.<\/p>\n
The first major support is now near the $38,500 zone. A clear downside break below the $38,500 support might call for more losses. The next major support is near the $37,000 zone.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 30 level.<\/p>\n
Major Support Levels \u2013 $38,500, followed by $37,000.<\/p>\n
Major Resistance Levels \u2013 $40,000, $40,500 and $42,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price started a downside correction from the $42,600 zone against the US Dollar. BTC is now trading below $40,000 and it might extend losses towards $38,500. Bitcoin started a downside correction below the $41,200 and $40,000 support levels. The price is now trading below $40,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $40,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to continue lower towards the $38,500 support zone in the near term. Bitcoin Price Back Below $40K Bitcoin price extended its increase above the $42,000 resistance level. BTC even climbed above the $42,500 resistance level and settled above the 100 hourly simple moving average. However, the price struggled above the $42,600 level. A high was formed near $42,629 before the price started a downside correction. There was a break below the $41,200 and $40,500 support levels. It even broke the $40,000 support level and the 100 hourly simple moving average. A low is formed near $39,281 and the price is now consolidating. An immediate resistance on the upside is near the $40,000 level. It is near the 23.6% Fib retracement level of the downward move from the $42,629 swing high to $39,281 low. The first major resistance is near the $40,500 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $40,500 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com The trend line is close to the 50% Fib retracement level of the downward move from the $42,629 swing high to $39,281 low. If there is an upside break above the trend line, bitcoin could rise towards $41,200. The next major resistance on the upside is near the $42,000 zone. More Losses in BTC? If bitcoin fails to climb above the $40,000 and $40,500 resistance levels, it could continue to move down. An initial support on the downside is near the $39,200 level. The first major support is now near the $38,500 zone. A clear downside break below the $38,500 support might call for more losses. The next major support is near the $37,000 zone. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 30 level. Major Support Levels \u2013 $38,500, followed by $37,000. Major Resistance Levels \u2013 $40,000, $40,500 and $42,000.<\/p>\n","protected":false},"author":67,"featured_media":455030,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-468501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Bitcoin Corrects Gains, Why BTC Could Extend Losses<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a downside correction from the $42,600 zone against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Bitcoin Corrects Gains, Why BTC Could Extend Losses","url":"http:\/\/uniquehot.com\/news\/bitcoin-corrects-gains-37k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-corrects-gains-37k\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/01\/bitcoin_price_btc_drop.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/01\/bitcoin_price_btc_drop.jpg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-08-02T03:08:02Z","datePublished":"2021-08-02T03:08:02Z","dateModified":"2024-06-11T13:57:26Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Corrects Gains, Why BTC Could Extend Losses\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-corrects-gains-37k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-corrects-gains-37k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/01\\\/bitcoin_price_btc_drop.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/01\\\/bitcoin_price_btc_drop.jpg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-08-02T03:08:02Z\",\"datePublished\":\"2021-08-02T03:08:02Z\",\"dateModified\":\"2024-06-11T13:57:26Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/01\/bitcoin_price_btc_drop.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/468501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=468501"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/468501\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/455030"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=468501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=468501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=468501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}