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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.