Bitcoin Is Unstable As It Faces Further Rejection At The Level Of $37,500

Nov 20, 2023 at 10:30 // Price
Coin Idol

The Bitcoin price has retreated and found support above the moving average lines. The barrier at $37,500 is currently slowing the upward movement.

Bitcoin price long term prediction: bullish

Bitcoin (BTC) price is currently moving flat as buyers fail to sustain the upside momentum above the $38,000 high. The cryptocurrency is currently trading between $35,400 and $38,000. Bitcoin rallied and tested the $38,000 resistance level twice but was rejected each time. 

Bitcoin is currently falling and approaching the moving average lines. On the downside, selling pressure will pick up again if the bears break the 21-day SMA or the support at $36,000. Bearish momentum will extend to a low above the 50-day simple moving average. This means that Bitcoin will first fall to the $34,000 support before dropping to the $32,000 low. Bitcoin will have to trade in a new range between $35400 and $37,500 if it stays above the moving average lines.

Bitcoin indicator reading

Bitcoin's sideways movement has caused the price to fluctuate as it bounces above the 21-day SMA. Bitcoin will fall if the price drops below the 21-day simple moving average. The price bars on both charts are above the moving average lines, indicating that the uptrend is still holding. Bitcoin is falling due to overbought conditions.

Technical indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

BTCUSD_(Daily Chart) – NOV. 20.jpg

What is the next direction for BTC/USD?

The largest cryptocurrency is moving sideways. The rise ended at the resistance level of $37,794 or $38000. After the initial rejection at the recent high, Bitcoin continued its sideways trend. The uptrend is on shaky ground as it encounters further resistance above $37,500.

BTCUSD_( 4- hour Chart) – NOV. 20.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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