The post Bitcoin Price Faces Rejection and Now At Risk of Downside Extension appeared on BitcoinEthereumNews.com.

Bitcoin price is still struggling to settle above $38,000. BTC is showing a few bearish signs and might decline below the $37,150 support. Bitcoin is still facing heavy resistance near the $37,750 resistance. The price is trading below $37,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if it breaks the $37,150 support. Bitcoin Price Signals Downside Correction Bitcoin price made another attempt to surpass the $37,750 resistance. BTC spiked above the $37,750 and $38,000 resistance levels. However, it failed to stay above the $38,000 level. A high was formed near $38,432 and the price reacted to the downside. There was a move below the $38,000 and $37,750 levels. A low is formed near $37,151 and the price is now consolidating losses. It is showing bearish signs below the 23.6% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low. Bitcoin is now trading below $37,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $37,400 level. There is also a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC/USD pair. The first major resistance is forming near $37,750. The main resistance is now near the $38,000 level or the 61.8% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low. A close above the $38,000 resistance might start a strong increase. Source: BTCUSD on TradingView.com The next key resistance could be near $38,500, above which BTC could rise and test the $39,200 level. In the stated case, it could even rally toward the $40,000…

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Filed under: News - @ November 27, 2023 3:24 am