Bitcoin is going through a slump, possibly because some folks who wanted to make fast money are selling it after it had a good run in October and early November. This drop in value is happening as Bitcoin traders are waiting for the US Consumer Price Index (CPI) data for October. They're keeping an eye on economic factors that could influence Bitcoin's price. Currently, Bitcoin (BTC) is priced below $36,000.
According to Coingabbar Technical Analysis, Bitcoin struggled to breach the $38,000 resistance and initiated a decline from the $38,028 peak, breaking through multiple support levels, including $36,000 and $35,500. The price briefly dipped below $35,000, testing the $34,650 support zone before establishing a low around $34,843. Currently in a corrective phase, Bitcoin has surpassed the $35,000 level and the 23.6% Fibonacci retracement level. However, it remains below $36,500 and the 100-hourly Simple Moving Average. Notably, a significant bearish trend line is taking shape with resistance near $36,500 on the BTC/USD pair's hourly chart.
KEY LEVELS :
RESISTANCE LEVEL : $36,000-$36,500
SUPPORT LEVEL : $35,200-$34,800
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
