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

Arslan Buttβ€’Monday, January 31, 2022β€’1 min read
  • The first significant support is located near the $35,500 level
  • The first significant resistance is located near the $38,000 level. The primary resistance is still around $38,800
  • However, the price could not break over the $38,800 barrier level. A high was reached near $38,719, and the price fell again
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.

Bitcoin Live Rate

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BTC/USD
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.

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More Bitcoin losses?

If Bitcoin fails to begin a new uptrend over $38,000, it may continue to fall. On the lower side, there is immediate support near $36,000.

The first significant support is located near the $35,500 level. If the price falls below the $35,500 support level, it may move towards $34,000. All the best!

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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