Bitcoin Price Prediction – Why is $38,400 Crucial for Sellers?

The price of Bitcoin has risen past the $37,000 resistance level. In fact, BTC has even surpassed the $38,000 resistance level and the 100 hourly simple moving average.

BTC has not managed to break over the $38,800 barrier level. A high was reached near $38,719, but the price fell again, to below the $38,000 support level. The bears pushed the stock below the 50% Fib retracement line of the uptrend from the $35,561 downswing to the high of $38,719. Moreover, on the hourly timeframe of the BTC/USD pair, there was a breach below a significant bullish trend line, with support near $37,650. The pair was trading below the $37,200 mark and the 100 hourly simple moving average.It is now testing the $36,800 support level, close to the 61.8 percent Fib retracement level of the upward run from the swing low of $35,561 to the high of $38,719. On the upside, the $37,400 level and the 100 hourly SMA serve as early resistance.

The first significant resistance is located near the $38,000 level, and the primary resistance is still around $38,800. A break above the $38,800 resistance level could signal the start of a steady upward trend. The next major resistance level is at approximately $40,000, above which the bulls may gain power.