Bitcoin Consolidates Near $37,000: Quick Technical Outlook
Bitcoin is battling to break through the $38,400 resistance level against the US Dollar. If BTC remains below $38,500, it may resume its decline. After a sharp drop, the BITCOIN price gained support near $36,350. BTC formed a base and began a recovery wave above $37,000. The price managed to break through the $37,500 resistance level.
Bulls drove the price just above 50% Fib retracement level of the key downturn from the $39,492 swing high to the $36,366 low. There was also an increase above the $38,000 mark. However, the price is currently encountering strong resistance near the $38,250 level.
The key retracement level of the downturn from the $39,492 swing high to the $36,366 low is also near the $38,250 level. The next significant resistance is located near the $38,400 level.
On the hourly chart of the BTC/USD pair, a critical bearish trend line is forming with resistance near $38,450. If the price breaks through the trend line resistance, it could reach $38,800 and the 100 hourly simple moving average.
To gain bullish momentum, the price should close above $38,800. In the aforementioned scenario, there is a possibility of a move well above the $39,500 resistance level.
Is There a New BTC Drop?
If Bitcoin does not begin a recovery wave above the $38,400 resistance area, it may begin a new decline. On the downside, there is immediate support near $37,250.
The next significant support is seen near $37,000. If the price breaks below the $37,000 support zone, it may gain bearish momentum for relocation to $36,000. Any further losses could push the price up to $35,000. Good luck!
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