Bitcoin Holds Support Above $36,000
The current Bitcoin price is maintaining gains above the $36,000 support zone and is trading below $37,000 and the 100 hourly Simple Moving Average. A key bearish trend line is forming with resistance near $36,600 on the BTC/USD pair’s hourly chart.
Bitcoin Price Attempts to Clear Resistance
Bitcoin made an effort to clear the $37,500 resistance but failed to continue higher toward the $38,000 resistance. After reaching a high near $37,423, the price started a downside correction. It declined below the $36,500 level but remained above $36,000 with a low formed near $36,183 before rising again.
The price is currently trading below $37,000 and the 100 hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $36,600 on the BTC/USD pair’s hourly chart.
On the upside, immediate resistance is near the $36,600 level. The next key resistance could be near $36,800 or the 50% Fib retracement level of the recent decline from the $37,423 swing high to the $36,183 low.
In this case, Bitcoin could test the $37,500 level and potentially rally toward $40,000 if it surpasses this level.
Potential for Another Decline in BTC
If Bitcoin fails to rise above the $36,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $36,180 level while major support is at $36,000. Further decline could lead to a drop toward key support at $35,500 in the near term.
Technical indicators show that the MACD is gaining pace in the bullish zone while RSI for BTC/USD is now below the 50 level.
Source: BTCUSD on TradingView.com
Hot Take: Bitcoin Remains Volatile as It Holds Key Support Levels
Bitcoin continues to face volatility as it holds gains above key support levels. Traders are watching closely to see if Bitcoin will break through key resistance levels or face another decline. The market remains uncertain as Bitcoin teeters between potential gains and downsides in its price action.
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