- It attempted to clear the $38,400 resistance but faced resistance near $38,400.
- Bitcoin is currently trading above $37,400 with support from the 100 hourly Simple Moving Average.
Bitcoin’s price has managed to maintain its position above the crucial $37,500 support zone, showcasing resilience in the face of resistance challenges. Despite a recent attempt to break through the $38,400 resistance level, Bitcoin encountered resistance near this mark, triggering a corrective phase.
Currently, Bitcoin is trading above $37,400 and is supported by the 100 hourly Simple Moving Average (SMA). Additionally, a key bullish trend line is forming with support of around $37,350 on the hourly BTC/USD chart, providing further stability to the cryptocurrency.
Support and Resistance Levels
Looking ahead, immediate resistance is found near the $38,200 level, with the first major resistance forming at $38,400. However, the primary hurdle lies at the $38,500 level, and a successful breach of this resistance could trigger a fresh bullish rally in Bitcoin’s price.
If Bitcoin fails to surmount the $38,400 resistance zone, it may face further downside pressure. Initial support on the downside is around the $37,550 level, coinciding with the 50% Fibonacci retracement level of the recent upward move from the swing low at $36,721 to the high at $38,390.
The next significant support level is near $37,350, aligned with the aforementioned bullish trend line. A break below $37,350 could expose Bitcoin to additional losses, potentially leading to a decline towards the $36,720 support in the short term.
Technical indicators, such as the hourly MACD and the Relative Strength Index (RSI), suggest that Bitcoin’s momentum is currently losing pace in the bullish zone. The RSI is hovering near the 50 level, indicating a possible consolidation phase.
Bitcoin’s ability to hold above the $37,500 support level amidst resistance challenges remains a focal point for traders and investors. The cryptocurrency’s next moves will likely be influenced by its ability to breach or consolidate below the critical resistance levels highlighted in this analysis.
