Bitcoin Faces Resistance Near $37,750
The price of Bitcoin is currently experiencing resistance near the $37,750 level. It is trading below $37,500 and the 100 hourly Simple Moving Average. On the hourly chart, there is a bearish trend line forming with resistance near $37,450 for the BTC/USD pair.
Bitcoin Price Attempts to Break Resistance
Bitcoin made an effort to surpass the $37,750 resistance level but was unsuccessful. Although it briefly spiked above $38,000, it failed to maintain that level. The price reacted by moving downwards and is now consolidating losses.
There is bearish momentum as Bitcoin shows signs of weakness below the 23.6% Fib retracement level. It is currently trading below $37,500 and the 100 hourly Simple Moving Average. The immediate resistance lies at around $37,400 with a connecting bearish trend line near $37,450.
Potential Downside Correction
If Bitcoin breaks the support at $37,150, it could continue to move down. The next major support levels are at $36,700 and potentially even lower at $36,000 or $35,650.
Technical Indicators
The MACD indicator shows increasing bearish momentum while the RSI for BTC/USD is below the 50 level.
Hot Take: Bitcoin Faces Resistance and Potential Downside Correction
The price of Bitcoin is struggling to break through resistance levels and faces potential downside correction. With heavy resistance near $37,750 and a bearish trend line forming on the hourly chart, there is a risk of further losses if support at $37,150 is broken. Technical indicators also suggest bearish momentum. Bitcoin needs to surpass the $38,000 level to initiate a strong increase. However, if it fails to do so, it could see a fresh decline with support levels at $36,700 and potentially lower.
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