Bitcoin Struggles to Break Resistance
The price of Bitcoin is currently facing difficulty in surpassing the $38,500 resistance zone. Despite trading above $37,400 and the 100 hourly Simple Moving Average, the cryptocurrency is unable to make significant progress.
Bitcoin Price Remains Supported
Bitcoin’s price is still below the $38,500 resistance zone after experiencing a downward correction from its last swing high near $38,419. The cryptocurrency dropped below $38,000 and even tested the $37,650 support level but managed to limit its losses.
Currently, Bitcoin is consolidating above $37,400 and the 100 hourly Simple Moving Average. There is also a bullish trend line forming with support near $37,450 on the BTC/USD hourly chart.
Possible Upside Movement
If Bitcoin manages to overcome the immediate resistance at $38,000, it could aim to clear the $38,050 level and retest the $38,400 resistance zone. A successful close above this zone might initiate a fresh rally towards the key resistance levels at $39,200 and $39,500.
More Downsides in BTC?
However, if Bitcoin fails to break above the $38,050 resistance zone, it may experience another decline. In such a case, immediate support can be found at around $37,600 or the 100 hourly SMA. The next major support lies near $37,450 and the established bullish trend line. If these levels are breached, further downside movement towards the $36,720 support level is possible.
Technical Indicators
The MACD indicator on an hourly timeframe shows that Bitcoin is gaining momentum in the bullish zone. Additionally, the Relative Strength Index (RSI) for BTC/USD is above the 50 level.
Hot Take: Bitcoin Faces Resistance at $38,500
Bitcoin continues to struggle in breaking the $38,500 resistance zone, despite trading above $37,400 and the 100 hourly Simple Moving Average. While there is a major bullish trend line forming with support near $37,450, immediate resistance is found at $38,000. A close above the $38,400 resistance could lead to a fresh rally towards $39,200 and $39,500. However, failure to surpass the resistance zone may result in another decline, with support levels at $37,600 and $37,450. Technical indicators suggest bullish momentum with the MACD gaining pace and the RSI above 50.
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