{"id":561119,"date":"2023-11-17T03:43:59","date_gmt":"2023-11-17T03:43:59","guid":{"rendered":"https:\/\/uniquehot.com\/?p=561119"},"modified":"2024-06-11T07:44:40","modified_gmt":"2024-06-11T07:44:40","slug":"bitcoin-price-signals-bearish-pattern-38k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-signals-bearish-pattern-38k\/","title":{"rendered":"Bitcoin Price Signals Bearish Pattern, Why BTC Could Drop Another 5%"},"content":{"rendered":"<p><em>Bitcoin price again failed to clear the $38,000 resistance zone. BTC is likely forming a double top and might decline toward the $34,500 support.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh decline from the $38,000 resistance zone.<\/li>\n<li>The price is trading below $36,750 and the 100 hourly Simple moving average.<\/li>\n<li>There is a connecting bullish trend line forming with support near $36,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could decline further if there is a break below the $35,950 support.<\/li>\n<\/ul>\n<h2>Bitcoin Price Forms Double Top Scenario<\/h2>\n<p>Bitcoin price made another attempt to clear the <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-rallies-38k\/\" target=\"_blank\" rel=\"noopener \">$38,000 resistance<\/a>. However, BTC failed to clear the $38,000 resistance and started a fresh decline. It seems like the price is forming a double-top pattern near the $38,000 zone.<\/p>\n<p>There was a sharp move below the $37,200 and $37,000 levels. The price even spiked below the $36,500 level and the <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-takes-hit-34650\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. Finally, the bulls appeared near the $35,500 level. A low was formed near $35,517 and the price is now correcting losses.<\/p>\n<p>The price climbed above the 23.6% Fib retracement level of the downward move from the $37,950 swing high to the $35,517 low. Bitcoin is now trading below $36,750 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $36,250 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>On the upside, immediate resistance is near the $36,700 level. The next key resistance could be near $37,000 or 61.8% Fib retracement level of the downward move from the $37,950 swing high to the $35,517 low.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Bitcoin-16.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-561120\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Bitcoin-16.png?resize=1024%2C468\" alt=\"Bitcoin Price\" width=\"1024\" height=\"468\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Bitcoin-16.png?w=1835 1835w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Bitcoin-16.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Bitcoin-16.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Bitcoin-16.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Bitcoin-16.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Bitcoin-16.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Bitcoin-16.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/p>\n<p>A close above the $37,000 resistance could start a strong increase. The first major resistance is near $37,500, above which the price might accelerate further higher. In the stated case, it could test the $38,000 level. Any more gains might send BTC toward the $39,200 level.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $37,000 resistance zone, it could continue to move down to complete the double-top pattern. Immediate support on the downside is near the $36,200 level.<\/p>\n<p>The next major support is $36,000. If there is a move below $36,000, there is a risk of more downsides. In the stated case, the price could drop toward the $35,500 support in the near term. The next key support or target could be $34,500.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $36,200, followed by $35,500.<\/p>\n<p>Major Resistance Levels \u2013 $36,700, $37,000, and $38,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price again failed to clear the $38,000 resistance zone. BTC is likely forming a double top and might decline toward the $34,500 support. Bitcoin started a fresh decline from the $38,000 resistance zone. The price is trading below $36,750 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support near $36,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could decline further if there is a break below the $35,950 support. Bitcoin Price Forms Double Top Scenario Bitcoin price made another attempt to clear the $38,000 resistance. However, BTC failed to clear the $38,000 resistance and started a fresh decline. It seems like the price is forming a double-top pattern near the $38,000 zone. There was a sharp move below the $37,200 and $37,000 levels. The price even spiked below the $36,500 level and the 100 hourly Simple moving average. Finally, the bulls appeared near the $35,500 level. A low was formed near $35,517 and the price is now correcting losses. The price climbed above the 23.6% Fib retracement level of the downward move from the $37,950 swing high to the $35,517 low. Bitcoin is now trading below $36,750 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $36,250 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $36,700 level. The next key resistance could be near $37,000 or 61.8% Fib retracement level of the downward move from the $37,950 swing high to the $35,517 low. Source: BTCUSD on TradingView.com A close above the $37,000 resistance could start a strong increase. The first major resistance is near $37,500, above which the price might accelerate further higher. In the stated case, it could test the $38,000 level. Any more gains might send BTC toward the $39,200 level. More Losses In BTC? If Bitcoin fails to rise above the $37,000 resistance zone, it could continue to move down to complete the double-top pattern. Immediate support on the downside is near the $36,200 level. The next major support is $36,000. If there is a move below $36,000, there is a risk of more downsides. In the stated case, the price could drop toward the $35,500 support in the near term. The next key support or target could be $34,500. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $36,200, followed by $35,500. Major Resistance Levels \u2013 $36,700, $37,000, and $38,000.<\/p>\n","protected":false},"author":67,"featured_media":464677,"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":[428,679,1144,78790,76835],"class_list":["post-561119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Signals Bearish Pattern, Why BTC Could Drop Another 5%<\/title>\n<meta name=\"description\" content=\"Bitcoin price again failed to clear the $38,000 resistance zone. 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