{"id":565143,"date":"2023-12-13T02:55:46","date_gmt":"2023-12-13T02:55:46","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=565143"},"modified":"2024-06-11T14:43:11","modified_gmt":"2024-06-11T14:43:11","slug":"bitcoin-price-dips-again-38k","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-price-dips-again-38k\/","title":{"rendered":"Bitcoin Price Dips Again and Signals A Larger Pullback To $38K"},"content":{"rendered":"<p><em>Bitcoin price struggled to start a fresh increase above the $42,300 resistance zone. BTC is declining and is now at a risk of more downsides below $40,000.<\/em><\/p>\n<ul>\n<li>Bitcoin failed to start a fresh increase above the $42,000 resistance zone.<\/li>\n<li>The price is trading below $42,500 and the 100 hourly Simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $41,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could extend losses if there is a close below the $40,000 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Turns Red<\/h2>\n<p>Bitcoin price started a <a href=\"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-price-holds-support-40k\/\" target=\"_blank\" rel=\"noopener \">fresh increase from the $40,000 support zone<\/a>. BTC climbed above the $41,500 resistance zone, but it failed to continue higher.<\/p>\n<p>The price failed to gain strength above the $42,250 and $42,300 resistance levels. A high was formed near $42,300 and the price started a fresh decline. There was a drop below the $42,000 and $41,500 levels. A low is formed near $40,606 and the price is now consolidating losses.<\/p>\n<p>Bitcoin is also trading below $42,500 and the <a href=\"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-price-crashes-8-and-wipes-weekly-gains-dips-supported\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $41,200 level. Besides, there is a key bearish trend line forming with resistance near $41,250 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The first major resistance is forming near $41,450. It is near the 50% Fib retracement level of the downward move from the $42,300 swing high to the $40,606 low.<\/p>\n<p><a href=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/Bitcoin-9.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-565144\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/Bitcoin-9.png?resize=1024%2C468\" alt=\"Bitcoin Price\" width=\"1024\" height=\"468\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/Bitcoin-9.png?w=1835 1835w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/Bitcoin-9.png?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/Bitcoin-9.png?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/Bitcoin-9.png?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/Bitcoin-9.png?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/Bitcoin-9.png?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/Bitcoin-9.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>The next key resistance might be the 76.4% Fib retracement level of the downward move from the $42,300 swing high to the $40,606 low at $41,900. A close above the $41,900 resistance might start a steady increase. The next key resistance could be near $42,300, above which BTC could rise toward the $43,000 level. A clear move above the $43,000 level could set the pace for a test of $44,000.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $41,250 resistance zone, it could start another decline. Immediate support on the downside is near the $40,600 level.<\/p>\n<p>The next major support is near $40,000, below which the price might test the $39,500 zone. If there is a move below $39,500, there is a risk of more losses. In the stated case, the price could drop toward the $38,500 support in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish 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 $40,600, followed by $40,000.<\/p>\n<p>Major Resistance Levels \u2013 $41,250, $41,900, and $42,300.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price struggled to start a fresh increase above the $42,300 resistance zone. BTC is declining and is now at a risk of more downsides below $40,000. Bitcoin failed to start a fresh increase above the $42,000 resistance zone. The price is trading below $42,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $41,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could extend losses if there is a close below the $40,000 support zone. Bitcoin Price Turns Red Bitcoin price started a fresh increase from the $40,000 support zone. BTC climbed above the $41,500 resistance zone, but it failed to continue higher. The price failed to gain strength above the $42,250 and $42,300 resistance levels. A high was formed near $42,300 and the price started a fresh decline. There was a drop below the $42,000 and $41,500 levels. A low is formed near $40,606 and the price is now consolidating losses. Bitcoin is also trading below $42,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $41,200 level. Besides, there is a key bearish trend line forming with resistance near $41,250 on the hourly chart of the BTC\/USD pair. The first major resistance is forming near $41,450. It is near the 50% Fib retracement level of the downward move from the $42,300 swing high to the $40,606 low. Source: BTCUSD on TradingView.com The next key resistance might be the 76.4% Fib retracement level of the downward move from the $42,300 swing high to the $40,606 low at $41,900. A close above the $41,900 resistance might start a steady increase. The next key resistance could be near $42,300, above which BTC could rise toward the $43,000 level. A clear move above the $43,000 level could set the pace for a test of $44,000. More Losses In BTC? If Bitcoin fails to rise above the $41,250 resistance zone, it could start another decline. Immediate support on the downside is near the $40,600 level. The next major support is near $40,000, below which the price might test the $39,500 zone. If there is a move below $39,500, there is a risk of more losses. In the stated case, the price could drop toward the $38,500 support in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $40,600, followed by $40,000. Major Resistance Levels \u2013 $41,250, $41,900, and $42,300.<\/p>\n","protected":false},"author":67,"featured_media":460738,"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-565143","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 Dips Again and Signals A Larger Pullback To $38K<\/title>\n<meta name=\"description\" content=\"Bitcoin price struggled to start a fresh increase above the $42,300 resistance zone. 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