Cryptocurrency News

This is why BTC may struggle to surpass $ 37K


The price of bitcoin tested a support of $ 30,000 and now it is going higher against the US dollar. BTC may face a strong sales interest near $ 37,000 and $ 38,000.

  • Bitcoin widened its decline and also traded near the $ 30,000 endorsement.
  • The price is now well below the $ 38,000 resistance and the 100-hour simple moving average.
  • The BTC / USD pair has a major bearish trend line on the hourly chart with resistance near $ 37,000 (data feed from Kraken).
  • The pair is likely to face a strong sales interest near the $ 37,000 area and a 100-hour moving average.

Bitcoin price is facing bottlenecks

Bitcoin failed to stay above the support level of $ 35,000 and it Increased its decline. BTC also broke the $ 32,000 support zone and fell well below the 100-hour simple moving average.

It tested a support area of ​​about $ 30,000 and formed a low near $ 31,037. Recently, it began improving above the $ 32,000 and $ 33,000 levels. The 50% Fibonacci retracement level of the recent decline was broken, falling from a high of $ 38,827 to a low of $ 31,037.

Bitcoin now faces resistance near $ 35,800. This represents a 61.8% Fibonacci retracement of the recent decline, from a high of $ 38,827 to a low of $ 31,037.

Source: BTCUSD on TradingView.com

The main resistance is now building near the $ 37,000 level. There is also a major bearish trend line on the hourly chart of the BTC / USD pair, with resistance near $ 37,000. The 100-hour simple moving average is also near the resistance zone of $ 37,000.

A clear break and break above the trend line resistance 100-hour moving average May open the door to a major recovery toward the $ 40,000 level. The intermediate resistance is near the $ 38,000 level.

Fresh fall in BTC?

If bitcoin fails to clear the resistance level of $ 37,000, there is a risk of a new fall. On the downside, initial support is near the $ 34,000 level.

The first major support is now being built near the $ 32,000 area. A break below the support level of $ 32,000 could trigger a new fall in the $ 30,000 support zone in the short term.

Technical Indicators:

Hourly MACD – MACD is slowly gaining momentum in the booming sector.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now above the 50 level.

Major Support Level – $ 37,000, followed by $ 32,000.

Major resistance levels – $ 35,800, $ 37,000 and $ 38,000.



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