Bitcoin Price Consolidates – Why 100 SMA Could Spark Fresh Increase

Nov 30, 2023 04:00 am Cryptocurrency 128

Bitcoin price failed again to clear the $38,500 resistance zone. BTC is consolidating above the 100 hourly SMA and might attempt another increase.

Bitcoin is still facing heavy resistance near the $38,500 zone.

The price is trading above $37,400 and the 100 hourly Simple moving average.

There is a key bullish trend line forming with support near $37,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could make another attempt to clear the $38,500 resistance unless it breaks below $37,350.

Bitcoin Price Holds Support

Bitcoin price remained well-bid above the $37,500 support zone. BTC climbed higher above the $38,000 level and made another attempt to clear the $38,400 resistance zone.

However, the bulls failed to gain strength and the price peaked near $38,400. It is again correcting gains and trading below the 23.6% Fib retracement level of the upward move from the $36,721 swing low to the $38,390 high.

Bitcoin is now ..

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