Bitcoin attempted to break through the $37,750 resistance once again, surging past both $37,750 and $38,000. However, its inability to sustain above the $38,000 mark led to a reversal, forming a peak of around $38,432. Subsequently, the price retreated, dipping below the $38,000 and $37,750 levels. A low point was established near $37,151, and currently, the cryptocurrency is undergoing a consolidation phase.
The bearish signals are evident as Bitcoin exhibits a downtrend below the 23.6% Fibonacci retracement level, calculated from the recent drop between the $38,432 high and the $37,151 low. Presently, Bitcoin is trading under $37,500 and the 100-hourly Simple Moving Average. The immediate hurdle stands at the $37,400 level, accompanied by a bearish trend line forming a connection with resistance at $37,450 on the BTC/USD hourly chart.
The primary resistance is shaping up near $37,750, with the main hurdle positioned at the $38,000 level or the 61.8% Fibonacci retracement level from the recent downturn spanning the $38,432 peak to the $37,151 trough. A successful breach above the $38,000 resistance could signal the onset of a robust uptrend.
Looking ahead, the next significant resistance might materialize around $38,500, surpassing which Bitcoin could target the $39,200 level. In a favorable scenario, there’s potential for a rally toward the $40,000 resistance.
On the downside, failure to overcome the $38,000 resistance zone may trigger a fresh descent. Immediate support is anticipated near the $37,150 level, followed by more substantial support at $36,700. A breach below $36,700 raises the risk of further declines, potentially leading the price towards the $36,000 support in the short term. The subsequent critical support or target zone lies at $35,650.
| Metric | Value |
|---|---|
| Current Bitcoin Price | $37,500 |
| 100-Hourly SMA | Below $37,500 |
| Recent Peak | $38,432 |
| Recent Trough | $37,151 |
| Fibonacci Retracement (23.6%) | Below $37,500 |
| Immediate Resistance | $37,400 |
| Bearish Trend Line Resistance | $37,450 |
| Major Resistance (1) | $37,750 |
| Major Resistance (2) | $38,000 |
| Fibonacci Retracement (61.8%) | Potential Hurdle |
| Next Resistance | $38,500 |
| Potential Upside Target | $39,200 |
| Further Upside Potential | $40,000 |
| Immediate Support | $37,150 |
| Major Support (1) | $36,700 |
| Major Support (2) | $36,000 |
| Critical Support/Target | $35,650 |
Outlook:
- Upside Scenario: If Bitcoin breaches the $38,000 resistance, there’s potential for a rally toward $40,000.
- Downside Risk: Failure to overcome $38,000 may trigger a fresh decline, with immediate support at $37,150 and major support at $36,700.
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