Bitcoin Faces Uphill Task, Why BTC Bears Are Still In Control

Bitcoin remained in a bearish zone below $39,000 against the US Dollar. BTC could recover only if it manages to clear the $40,000 resistance zone.

Bitcoin is showing bearish signs below the $39,000 and $40,000 resistance levels.
The price is trading below $39,000 and the 100 hourly simple moving average.
There is a key triangle pattern forming with resistance near $39,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start a recovery wave if there is a clear move above $39,000 and $40,000.

Bitcoin Price Remains in a Bearish Zone
Bitcoin price settled below the $40,000 pivot level and the 100 hourly simple moving average. BTC even broke the $38,000 support level and traded as low as $37,159.
The bulls managed to protect the $37,000 support zone. It is now recovering losses and trading above $37,500. There was a move above the $38,000 resistance zone. The price is now testing the 50% Fib retracement level of the recent decline from the $39,545 swing high to $37,159 low.
On the upside, bitcoin price might face resistance near the $38,800 level. It is close to the 61.8% Fib retracement level of the recent decline from the $39,545 swing high to $37,159 low.

Source: BTCUSD on TradingView.com
There is also a key triangle pattern forming with resistance near $39,000 on the hourly chart of the BTC/USD pair. The next major resistance is near the $39,200 level and the 100 hourly simple moving average. A clear move above the $39,200 level might open the doors for a test of $40,000. A close above $40,000 could set the pace for more upsides in the near term.
More Losses in BTC?
If bitcoin fails to clear the $39,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $38,000 zone.
The next major support is seen near the $37,200 level. If there is a downside break below the $37,200 support, the price might start another decline. In the stated case, there is a risk of a move towards the $35,500 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $38,000, followed by $37,200.
Major Resistance Levels – $38,800, $39,200 and $40,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,965.22
ethereum
Ethereum (ETH) $ 1,677.36
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 214.98
xrp
XRP (XRP) $ 0.517644
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 1,676.54
cardano
Cardano (ADA) $ 0.251346
dogecoin
Dogecoin (DOGE) $ 0.062000
solana
Solana (SOL) $ 20.34
tron
TRON (TRX) $ 0.088702
the-open-network
Toncoin (TON) $ 2.19
polkadot
Polkadot (DOT) $ 4.09
matic-network
Polygon (MATIC) $ 0.528352
litecoin
Litecoin (LTC) $ 65.88
bitcoin-cash
Bitcoin Cash (BCH) $ 237.19
chainlink
Chainlink (LINK) $ 8.06
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,989.23
shiba-inu
Shiba Inu (SHIB) $ 0.000007
dai
Dai (DAI) $ 0.999874
true-usd
TrueUSD (TUSD) $ 0.999057
leo-token
LEO Token (LEO) $ 3.67
uniswap
Uniswap (UNI) $ 4.44
avalanche-2
Avalanche (AVAX) $ 9.20
stellar
Stellar (XLM) $ 0.112311
monero
Monero (XMR) $ 145.50
okb
OKB (OKB) $ 42.94
ethereum-classic
Ethereum Classic (ETC) $ 16.07
binance-usd
BUSD (BUSD) $ 1.00
cosmos
Cosmos Hub (ATOM) $ 7.25
hedera-hashgraph
Hedera (HBAR) $ 0.049702
filecoin
Filecoin (FIL) $ 3.33
lido-dao
Lido DAO (LDO) $ 1.68
internet-computer
Internet Computer (ICP) $ 3.15
crypto-com-chain
Cronos (CRO) $ 0.050943
maker
Maker (MKR) $ 1,487.52
quant-network
Quant (QNT) $ 90.53
aptos
Aptos (APT) $ 5.46
mantle
Mantle (MNT) $ 0.399372
vechain
VeChain (VET) $ 0.017427
arbitrum
Arbitrum (ARB) $ 0.900332
near
NEAR Protocol (NEAR) $ 1.13
optimism
Optimism (OP) $ 1.33
kaspa
Kaspa (KAS) $ 0.048315
aave
Aave (AAVE) $ 67.51
rocket-pool-eth
Rocket Pool ETH (RETH) $ 1,819.83
the-graph
The Graph (GRT) $ 0.087951
algorand
Algorand (ALGO) $ 0.102047
whitebit
WhiteBIT Coin (WBT) $ 5.18
usdd
USDD (USDD) $ 0.998819