Bitcoin price is facing a couple of strong hurdles near $36,750 and $37,800 against the US Dollar. BTC could decline heavily if it breaks the $34,800 support zone.
- Bitcoin is struggling to gain bullish momentum above the $36,750 and $38,000 resistance levels.
- The price is now trading well below $38,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to accelerate lower if it fails to stay above the $34,800 support zone.
Bitcoin Price Showing a few Bearish Signs
After a failed attempt to settle above $38,000, bitcoin price started another decline. BTC broke the $36,400 and $35,500 support levels to move into a short-term bearish zone.
The price even spiked below $34,500 and settled below the 100 hourly simple moving average. A low was formed near $33,930 before the price started a decent upward move. It climbed above $35,500, but it seems to be facing a strong resistance near $36,750.
A high is formed near $36,888 and the price is currently showing a few bearish signs. It already traded below the 23.6% Fib retracement level of the recent wave from the $33,930 low to $36,888 high.
There is also a major bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC/USD pair. On the downside, an initial support is near the $35,800 level and a connecting bullish trend line. A clear break below $35,800 might call for a test of $35,400.
The 50% Fib retracement level of the recent wave from the $33,930 low to $36,888 high is at $35,400 to provide support. Any more losses could accelerate the decline and bitcoin price might dive below $35,000 and $34,500. In the stated case, there is a risk of a break below the $34,000 support zone.
Chances of an Upside Break in BTC
If bitcoin stays above the $35,800 and $35,400 support levels, there are chances of an upside break. The first major resistance is near the $36,750 level.
The main resistance is now forming near the $37,800 and $38,000 levels. A close above the $38,000 level is must to start a strong increase towards $40,000 or even higher in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is struggling to stay above the 50 level.
Major Support Levels – $35,400, followed by $34,000.
Major Resistance Levels – $36,750, $37,800 and $38,000.
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The Blockgeni Editorial Team tracks the latest developments across artificial intelligence, blockchain, machine learning and data engineering. Our editors monitor hundreds of sources daily to surface the most relevant news, research and tutorials for developers, investors and tech professionals. Blockgeni is part of the SKILL BLOCK Group of Companies.
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