{"id":571081,"date":"2024-01-24T02:50:47","date_gmt":"2024-01-24T02:50:47","guid":{"rendered":"https:\/\/ktsl888.com\/?p=571081"},"modified":"2024-06-11T14:44:55","modified_gmt":"2024-06-11T14:44:55","slug":"bitcoin-price-faces-crucial-test-38500","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-faces-crucial-test-38500\/","title":{"rendered":"Bitcoin Price Faces Crucial Test, Indicators Suggest Many Roadblocks To Recovery"},"content":{"rendered":"<p><em>Bitcoin price dived toward the $38,500 support zone. BTC is attempting a recovery wave and might struggle to climb above the $40,500 resistance.<\/em><\/p>\n<ul>\n<li>Bitcoin price extended its decline and tested the $38,500 support zone.<\/li>\n<li>The price is trading below $40,000 and the 100 hourly Simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $40,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair might struggle to recover above the $40,000 and $40,500 resistance levels.<\/li>\n<\/ul>\n<h2>Bitcoin Price Turns Red<\/h2>\n<p>Bitcoin price remained in a bearish zone below the $40,000 support zone. BTC extended its decline and traded below the $49,200 level. Finally, it tested the $38,500 support zone, as discussed in <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-dives-below-40k\/\" target=\"_blank\" rel=\"noopener \">yesterday&#8217;s post<\/a>.<\/p>\n<p>A new weekly low was formed near $38,518 and the price is now correcting losses. It is slowly recovering above the $39,000 level. It cleared the 23.6% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low.<\/p>\n<p>Bitcoin is now trading below $40,000 and the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-turns-red-40k\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. Immediate resistance is near the $40,000 level. The first major resistance is near the $40,350 level or the 50% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/Bitcoin_17f291.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-571082\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/Bitcoin_17f291.png?resize=1024%2C461\" alt=\"Bitcoin Price\" width=\"1024\" height=\"461\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/Bitcoin_17f291.png?w=1835 1835w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/Bitcoin_17f291.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/Bitcoin_17f291.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/Bitcoin_17f291.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/Bitcoin_17f291.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/Bitcoin_17f291.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/Bitcoin_17f291.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>There is also a key bearish trend line forming with resistance near $40,450 on the hourly chart of the BTC\/USD pair. A clear move above the $40,450 resistance could send the price toward the $40,850 resistance. The next resistance is now forming near the $41,250 level. A close above the $41,250 level could push the price further higher. The next major resistance sits at $42,000.<\/p>\n<h2>Another Decline In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $40,450 resistance zone, it could start another decline. Immediate support on the downside is near the $39,400 level.<\/p>\n<p>The next major support is $39,000. If there is a close below $39,000, the price could gain bearish momentum. In the stated case, the price could revisit the $38,500 support in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $39,400, followed by $38,500.<\/p>\n<p>Major Resistance Levels \u2013 $40,350, $40,450, and $40,850.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price dived toward the $38,500 support zone. BTC is attempting a recovery wave and might struggle to climb above the $40,500 resistance. Bitcoin price extended its decline and tested the $38,500 support zone. The price is trading below $40,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $40,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might struggle to recover above the $40,000 and $40,500 resistance levels. Bitcoin Price Turns Red Bitcoin price remained in a bearish zone below the $40,000 support zone. BTC extended its decline and traded below the $49,200 level. Finally, it tested the $38,500 support zone, as discussed in yesterday&#8217;s post. A new weekly low was formed near $38,518 and the price is now correcting losses. It is slowly recovering above the $39,000 level. It cleared the 23.6% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low. Bitcoin is now trading below $40,000 and the 100 hourly Simple moving average. Immediate resistance is near the $40,000 level. The first major resistance is near the $40,350 level or the 50% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low. Source: BTCUSD on TradingView.com There is also a key bearish trend line forming with resistance near $40,450 on the hourly chart of the BTC\/USD pair. A clear move above the $40,450 resistance could send the price toward the $40,850 resistance. The next resistance is now forming near the $41,250 level. A close above the $41,250 level could push the price further higher. The next major resistance sits at $42,000. Another Decline In BTC? If Bitcoin fails to rise above the $40,450 resistance zone, it could start another decline. Immediate support on the downside is near the $39,400 level. The next major support is $39,000. If there is a close below $39,000, the price could gain bearish momentum. In the stated case, the price could revisit the $38,500 support in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $39,400, followed by $38,500. Major Resistance Levels \u2013 $40,350, $40,450, and $40,850.<\/p>\n","protected":false},"author":67,"featured_media":450663,"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-571081","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 Faces Crucial Test, Indicators Suggest Many Roadblocks To Recovery<\/title>\n<meta name=\"description\" content=\"Bitcoin price dived toward the $38,500 support zone. 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