Bitcoin Price Avoids Collapse But Can Bulls Clear This Major Hurdle?

Share This Post

Bitcoin price trimmed losses and climbed above $37,750. BTC gained pace but it is still struggling to clear the $38,500 resistance zone.

  • Bitcoin is again facing heavy resistance near the $38,500 zone.
  • The price is trading above $37,500 and the 100 hourly Simple moving average.
  • There was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is struggling to clear the $38,500 resistance and correcting gains.

Bitcoin Price Extends Decline

Bitcoin price revisited the $36,720 support zone. BTC managed to avoid a collapse and started a fresh increase above the $37,000 level. There was a clear move above the $37,500 level.

Besides, there was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC/USD pair. The pair surged above the $37,750 resistance. However, the bears were again active near the $38,500 resistance.

A high was formed near $38,390 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the recent wave from the $36,720 swing low to the $38,390 high.

Bitcoin is now trading above $37,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $38,200 level. The first major resistance is forming near $38,400. The main resistance is now near the $38,500 level. A close above the $38,500 resistance might start a strong increase.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next key resistance could be near $39,200, above which BTC could rise toward the $39,500 level. Any more gains might send BTC toward the $40,000 resistance.

Another Drop In BTC?

If Bitcoin fails to rise above the $38,400 resistance zone, it could start another decline. Immediate support on the downside is near the $37,600 level.

The next major support is $37,500 or the 50% Fib retracement level of the recent wave from the $36,720 swing low to the $38,390 high. If there is a move below $37,500, there is a risk of more downsides. In the stated case, the price could drop toward the $36,720 support in the near term.

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 now above the 50 level.

Major Support Levels – $37,600, followed by $37,500.

Major Resistance Levels – $38,400, $38,500, and $39,200.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Chainlink Rockets 20%: Whale Activity Sparks Break From Bear Trend

Chainlink (LINK) is experiencing significant growth in the cryptocurrency sector, with a 20% increase in value in just one week and a potential change in its long-term trajectory Related Reading: XRP

Cardano Whales Holding $10M ADA Grow Positions by 420%, Time to Buy?

The post Cardano Whales Holding $10M ADA Grow Positions by 420%, Time to Buy appeared first on Coinpedia Fintech News Cardano (ADA) has made a wild move in the past few days and has gained notable

1inch Launches Fusion+, A Cross-Chain Swapping Solution for Decentralized Transactions

1inch, a decentralized finance (defi) platform, has officially rolled out Fusion+, a cross-chain swapping tool designed to enhance the security and simplicity of decentralized transactions Fusion+ by

Ethereum Shorts Hit Record High as Market Leverage Soars

Leveraged short positions in ethereum (ETH) have climbed to unprecedented highs, signaling a bearish tilt in market sentiment as traders brace for intensified volatility Ethereum Bears Bet Big as

XRP To Hit $40 In 3 Months But On This Condition – Analyst

XRP remains one of the crypto market’s current trailblazers rising by 2321% in the past 24 hours Over the last two weeks, the prominent altcoin has recorded a 154% price gain establishing itself as

Cipher Mining: Will It Be Another Standout Bitcoin Miner This Cycle?

Dive into Cipher Mining’s Q3 2024 performance From revenue challenges to strategic investment in fleet upgrades, data center expansion and plans for AI/HPC Discover what’s next for this