Bitcoin Consolidates Near $37,000
Bitcoin has begun a downside correction from the $38,000 resistance zone, currently trading near $37,000 and the 100 hourly Simple moving average. The hourly chart of the BTC/USD pair from Kraken shows a short-term declining channel forming with resistance near $37,250, suggesting that the pair is consolidating gains and may start a fresh increase toward $38,000.
Bitcoin Price Remains In Uptrend
Bitcoin’s price recently surged above the $36,800 resistance zone and rallied toward $38,000 before correcting to $35,850. After a fresh increase above the $37,250 level, the bears were active near $37,500. The price is now consolidating gains near $37,000 and the 100 hourly Simple moving average.
The immediate resistance is near the $37,200 level and there is also a short-term declining channel forming with resistance near $37,250 on the hourly chart of the BTC/USD pair. The next key resistance could be near $37,500 and any further gains might send BTC toward the $38,800 level.
More Downsides In BTC?
If Bitcoin fails to rise above the $37,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $36,700 level. The next major support is near the $36,500 zone or the 61.8% Fib retracement level of the upward move from the swing low to the high.
If there is a move below $36,500, there is a risk of more downsides with potential to drop toward key support at $36,000 in the near term.
Technical Indicators
The MACD is now losing pace in the bullish zone and RSI for BTC/USD is below the 50 level. Major Support Levels are at $36,700 followed by $36,500 while Major Resistance Levels are at $37,250,$ 37,500 and$ 38,000.
Hot Take: Bitcoin’s Next Move Is Critical
The next move for Bitcoin will be critical as it teeters around key support and resistance levels. Whether it can maintain its uptrend or experience further downside will depend on how it performs against these levels in upcoming trading sessions.
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