Here’s Why BTC Could Struggle To Surpass $37K

Bitcoin price tested the $30,000 support and it is now recovering higher against the US Dollar. BTC is likely to face a strong selling interest near $37,000 and $38,000.

Bitcoin extended its decline and it even traded close to the $30,000 support.
The price is now well below the $38,000 resistance and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $37,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to face a strong selling interest near the $37,000 zone and the 100 hourly SMA.

Bitcoin Price is Facing Hurdles
Bitcoin failed to stay above the $35,000 support and it extended its decline. BTC even broke the $32,000 support zone and it settled well below the 100 hourly simple moving average.
It almost tested the $30,000 support zone and a low was formed near $31,037. Recently, it started an upside correction above the $32,000 and $33,000 levels. There was a break above the 50% Fib retracement level of the recent decline from the $38,827 swing high to $31,037 swing low.
Bitcoin is now facing resistance near the $35,800 level. It represents the 61.8% Fib retracement level of the recent decline from the $38,827 swing high to $31,037 swing low.

Source: BTCUSD on TradingView.com
The main resistance is now forming near the $37,000 level. There is also a key bearish trend line forming with resistance near $37,000 on the hourly chart of the BTC/USD pair. The 100 hourly simple moving average is also near the $37,000 resistance zone.
A clear break above the trend line resistance and the 100 hourly simple moving average could open the doors for a larger recovery towards the $40,000 level. An intermediate resistance is near the $38,000 level.
Fresh Drop in BTC?
If bitcoin fails to clear the $37,000 resistance, there is a risk of a fresh decline. An initial support on the downside is near the $34,000 level.
The first major support is now forming near the $32,000 zone. A downside break below the $32,000 support could start a fresh decline towards the $30,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $34,000, followed by $32,000.
Major Resistance Levels – $35,800, $37,000 and $38,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,278.04
ethereum
Ethereum (ETH) $ 1,590.93
tether
Tether (USDT) $ 0.999758
bnb
BNB (BNB) $ 213.11
xrp
XRP (XRP) $ 0.499273
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 1,589.59
cardano
Cardano (ADA) $ 0.245998
dogecoin
Dogecoin (DOGE) $ 0.060844
solana
Solana (SOL) $ 19.36
tron
TRON (TRX) $ 0.084752
the-open-network
Toncoin (TON) $ 2.16
polkadot
Polkadot (DOT) $ 4.05
matic-network
Polygon (MATIC) $ 0.521400
litecoin
Litecoin (LTC) $ 64.49
shiba-inu
Shiba Inu (SHIB) $ 0.000007
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,256.03
chainlink
Chainlink (LINK) $ 7.47
bitcoin-cash
Bitcoin Cash (BCH) $ 213.16
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 3.79
true-usd
TrueUSD (TUSD) $ 0.998238
uniswap
Uniswap (UNI) $ 4.29
avalanche-2
Avalanche (AVAX) $ 9.00
stellar
Stellar (XLM) $ 0.111813
monero
Monero (XMR) $ 144.89
okb
OKB (OKB) $ 42.94
binance-usd
BUSD (BUSD) $ 0.999991
ethereum-classic
Ethereum Classic (ETC) $ 15.19
cosmos
Cosmos Hub (ATOM) $ 7.05
hedera-hashgraph
Hedera (HBAR) $ 0.049965
filecoin
Filecoin (FIL) $ 3.21
crypto-com-chain
Cronos (CRO) $ 0.050350
internet-computer
Internet Computer (ICP) $ 2.96
lido-dao
Lido DAO (LDO) $ 1.48
aptos
Aptos (APT) $ 5.50
mantle
Mantle (MNT) $ 0.391826
quant-network
Quant (QNT) $ 86.53
maker
Maker (MKR) $ 1,338.76
vechain
VeChain (VET) $ 0.016562
arbitrum
Arbitrum (ARB) $ 0.818797
near
NEAR Protocol (NEAR) $ 1.10
optimism
Optimism (OP) $ 1.26
kaspa
Kaspa (KAS) $ 0.046738
rocket-pool-eth
Rocket Pool ETH (RETH) $ 1,724.76
aave
Aave (AAVE) $ 61.85
the-graph
The Graph (GRT) $ 0.087620
algorand
Algorand (ALGO) $ 0.098081
whitebit
WhiteBIT Coin (WBT) $ 5.23
usdd
USDD (USDD) $ 0.998077