{"id":454650,"date":"2021-01-17T04:48:19","date_gmt":"2021-01-17T04:48:19","guid":{"rendered":"https:\/\/ktsl888.com\/?p=454650"},"modified":"2024-06-11T14:12:48","modified_gmt":"2024-06-11T14:12:48","slug":"bitcoin-btc-could-dive-to-32k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-could-dive-to-32k\/","title":{"rendered":"Bitcoin Struggles Below $38K, Why BTC Could Dive To $32K"},"content":{"rendered":"<p><em>Bitcoin price is struggling to clear the $38,000 and $40,000 resistance levels against the US Dollar. BTC is currently consolidating above $36,000 and it remains at a risk of a downside break.<\/em><\/p>\n<ul>\n<li>Bitcoin is trading in a short-term bearish zone below the $38,000 and $40,000 resistance levels.<\/li>\n<li>The price is holding a key support zone near $35,600 and the 100 simple moving average (4-hours).<\/li>\n<li>There is a major contracting triangle forming with support near $35,550 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a strong decline if it clears the $35,500 and $35,000 support levels in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Price Correcting Gains<\/h2>\n<p>This past week, bitcoin price climbed higher sharply above the $38,000 resistance against the US Dollar. The BTC\/USD pair even spiked above the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-btc-revisits-40k\/\" target=\"_blank\" rel=\"noopener \">$40,000 resistance<\/a>, but it failed to continue higher.<\/p>\n<p>A high was formed near $40,036 and the price settled well above the 100 simple moving average (4-hours). Recently, there was a fresh decline and the price broke the $38,000 support. It even traded below the $36,000 level and formed a low at $34,319.<\/p>\n<p>The price is currently <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-smashes-key-resistance-36500\/\" target=\"_blank\" rel=\"noopener \">consolidating<\/a> above the $35,000 level and the 100 simple moving average (4-hours). It was already rejected once near the 61.8% Fib retracement level of the recent decline from the $40,036 swing high to $34,319 low.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-12.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-454652\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-12.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-12.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-12.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-12.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-12.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-12.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-12.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-12.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>There is also a major contracting triangle forming with support near $35,550 on the 4-hours chart of the BTC\/USD pair. The triangle support is near the $35,000 breakdown zone and the 100 simple moving average (4-hours).<\/p>\n<p>If there is a downside break below the $35,500 and $35,000 support levels, bitcoin price might accelerate lower. The next major support on the downside is near the $34,000 level. Any more losses could open the doors for a push towards the $32,000 and $30,000 support levels in the near term.<\/p>\n<h2>Upside Break in BTC?<\/h2>\n<p>If bitcoin stays above the triangle support, $35,000, and the 100 simple moving average (4-hours), it could start a fresh increase.<\/p>\n<p>The main resistance on the upside is near the $38,600 zone and the triangle upper trend line. It is close to 76.4% Fib retracement level of the recent decline from the $40,036 swing high to $34,319 low. A close above the $38,600 level could open the doors for a strong surge above $40,000.<\/p>\n<p>Technical indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is losing momentum in the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Level \u2013 $35,500<\/p>\n<p>Major Resistance Level \u2013 $38,600<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is struggling to clear the $38,000 and $40,000 resistance levels against the US Dollar. BTC is currently consolidating above $36,000 and it remains at a risk of a downside break. Bitcoin is trading in a short-term bearish zone below the $38,000 and $40,000 resistance levels. The price is holding a key support zone near $35,600 and the 100 simple moving average (4-hours). There is a major contracting triangle forming with support near $35,550 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair could start a strong decline if it clears the $35,500 and $35,000 support levels in the near term. Bitcoin Price Correcting Gains This past week, bitcoin price climbed higher sharply above the $38,000 resistance against the US Dollar. The BTC\/USD pair even spiked above the $40,000 resistance, but it failed to continue higher. A high was formed near $40,036 and the price settled well above the 100 simple moving average (4-hours). Recently, there was a fresh decline and the price broke the $38,000 support. It even traded below the $36,000 level and formed a low at $34,319. The price is currently consolidating above the $35,000 level and the 100 simple moving average (4-hours). It was already rejected once near the 61.8% Fib retracement level of the recent decline from the $40,036 swing high to $34,319 low. Source: BTCUSD on TradingView.com There is also a major contracting triangle forming with support near $35,550 on the 4-hours chart of the BTC\/USD pair. The triangle support is near the $35,000 breakdown zone and the 100 simple moving average (4-hours). If there is a downside break below the $35,500 and $35,000 support levels, bitcoin price might accelerate lower. The next major support on the downside is near the $34,000 level. Any more losses could open the doors for a push towards the $32,000 and $30,000 support levels in the near term. Upside Break in BTC? If bitcoin stays above the triangle support, $35,000, and the 100 simple moving average (4-hours), it could start a fresh increase. The main resistance on the upside is near the $38,600 zone and the triangle upper trend line. It is close to 76.4% Fib retracement level of the recent decline from the $40,036 swing high to $34,319 low. A close above the $38,600 level could open the doors for a strong surge above $40,000. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is losing momentum in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Level \u2013 $35,500 Major Resistance Level \u2013 $38,600<\/p>\n","protected":false},"author":67,"featured_media":454653,"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-454650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Struggles Below $38K, Why BTC Could Dive To $32K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to clear the $38,000 and $40,000 resistance levels. 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