Bitcoin Recovery Halts, Technicals Suggest Fresh Decline To $36K

Bitcoin is struggling to recover above the $38,400 resistance zone against the US Dollar. BTC could resume decline if it stays below the $38,500 level.

Bitcoin is currently facing resistance near the $38,400 and $38,500 levels.
The price is trading below $38,500 and the 100 hourly simple moving average.
There is a crucial bearish trend line forming with resistance near $38,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh decline if there is no clear move above $38,500.

Bitcoin Price Faces Hurdle
Bitcoin price found support near the $36,350 after a sharp decline. BTC formed a base and started a recovery wave above the $37,000 level. The price was able to surpass the $37,500 resistance level.
The bulls pushed the price above the 50% Fib retracement level of the key decline from the $39,492 swing high to $36,366 low. There was also a push above the $38,000 level. However, the price is now facing a strong resistance near the $38,250 level.
The 61.8% Fib retracement level of the key decline from the $39,492 swing high to $36,366 low is also near the $38,250 level. The next key resistance is near the $38,400 level.
There is also a crucial bearish trend line forming with resistance near $38,450 on the hourly chart of the BTC/USD pair. A clear move above the trend line resistance could send the price to $38,800 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com
To gain bullish momentum, the price must settle above the $38,800 level. In the stated case, there are chances of a move above the $39,500 resistance.
Fresh Decline in BTC?
If bitcoin fails to start a recovery wave above the $38,400 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $37,250 zone.
The next major support is seen near the $37,000 level. If there is a downside break below the $37,000 support zone, the price might gain bearish momentum for a move to $36,000. Any more losses could lead the price to $35,000.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is declining towards the 50 level.
Major Support Levels – $37,250, followed by $37,000.
Major Resistance Levels – $38,250, $38,400 and $39,500.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 64,368.25
ethereum
Ethereum (ETH) $ 3,330.68
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 554.13
solana
Solana (SOL) $ 173.32
xrp
XRP (XRP) $ 0.628688
staked-ether
Lido Staked Ether (STETH) $ 3,323.85
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.172835
cardano
Cardano (ADA) $ 0.634854
avalanche-2
Avalanche (AVAX) $ 53.15
the-open-network
Toncoin (TON) $ 5.00
shiba-inu
Shiba Inu (SHIB) $ 0.000028
polkadot
Polkadot (DOT) $ 9.09
chainlink
Chainlink (LINK) $ 18.12
tron
TRON (TRX) $ 0.120357
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 64,224.21
matic-network
Polygon (MATIC) $ 0.987466
bitcoin-cash
Bitcoin Cash (BCH) $ 452.65
uniswap
Uniswap (UNI) $ 11.73
near
NEAR Protocol (NEAR) $ 6.51
litecoin
Litecoin (LTC) $ 87.76
aptos
Aptos (APT) $ 16.31
internet-computer
Internet Computer (ICP) $ 13.91
leo-token
LEO Token (LEO) $ 5.99
blockstack
Stacks (STX) $ 3.51
dai
Dai (DAI) $ 1.00
filecoin
Filecoin (FIL) $ 8.60
ethereum-classic
Ethereum Classic (ETC) $ 30.94
cosmos
Cosmos Hub (ATOM) $ 11.41
arbitrum
Arbitrum (ARB) $ 1.60
immutable-x
Immutable (IMX) $ 2.87
render-token
Render (RNDR) $ 10.53
stellar
Stellar (XLM) $ 0.133842
okb
OKB (OKB) $ 62.15
bittensor
Bittensor (TAO) $ 572.40
crypto-com-chain
Cronos (CRO) $ 0.138816
hedera-hashgraph
Hedera (HBAR) $ 0.106590
the-graph
The Graph (GRT) $ 0.366125
optimism
Optimism (OP) $ 3.43
kaspa
Kaspa (KAS) $ 0.142051
injective-protocol
Injective (INJ) $ 35.36
pepe
Pepe (PEPE) $ 0.000007
vechain
VeChain (VET) $ 0.041412
fantom
Fantom (FTM) $ 1.05
maker
Maker (MKR) $ 3,068.76
theta-token
Theta Network (THETA) $ 2.74
thorchain
THORChain (RUNE) $ 8.14
mantle
Mantle (MNT) $ 0.811969
first-digital-usd
First Digital USD (FDUSD) $ 1.00