Bitcoin Price Takes Hit Despite Drop in US CPI But Bulls Still In Control

Nov 15, 2023 04:00 am Cryptocurrency 68

Bitcoin price declined below the $36,000 zone. BTC tested the $34,650 support zone and is currently consolidating losses near $35,500.

Bitcoin declined heavily after the US CPI declined more than expected.

The price is trading below $36,500 and the 100 hourly Simple moving average.

There is a key bearish trend line forming with resistance near $36,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could trade in a range before the bulls attempt a new increase in the near term.

Bitcoin Price Revisits Key Support

Bitcoin price failed to surpass the $37,500 resistance. BTC started a fresh decline from the $37,423 high and declined below many supports. There was a move below the $36,000 and $35,500 levels. The price even spiked below $35,000.

It retested the $34,650 support zone. A low was formed near $34,666 and the price is now correcting losses. There was a move above the $35,000 level. The price ..

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