Bitcoin Price Takes Hit
Bitcoin’s price failed to rise above the $37,800 resistance zone and started to decline after news of Binance’s settlement and CZ stepping down. The decline saw the price drop below $37,000 and break a key bullish trend line with support around $36,980 on the BTC/USD hourly chart from Kraken. The pair even dipped below $36,500 and reached as low as $35,645 before consolidating losses.
The price recovered slightly and is now consolidating around $36,000. It’s trading below the 100 hourly Simple moving average, with immediate resistance at $36,500.
A close above $36,700 resistance could signal an increase to $37,000 with further highs potentially reaching $37,500 or higher to $37,800. If, on the other hand, it fails to rise above the $36,700 resistance, there could be a fresh decline with support levels around $36,000 and $35,650. If it drops below $35,650, it may reach $34,700 or lower at $34,200.
Technical Indicators
Hourly MACD is now losing pace in the bearish zone, while the RSI for BTC/USD is below the 50 level.
Major Support Levels: $36,000, followed by $35,650
Major Resistance Levels: $36,500, $36,700, and $37,000.
Source: BTCUSD on TradingView.com
Hot Take
Bitcoin experienced a decline after failing to rise above the $37,800 resistance zone. The price is now trading below $37,000 and faces key resistance levels at $36,500 and $36,700. If it fails to rise above $36,700, there could be a further decline with support at $36,000 and $35,650, possibly dropping to $34,700 or $34,200.
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