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Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $38K

Bitcoin stayed above the $36,000 support zone against the US Dollar. BTC is now rising, but it could face hurdles near $37,800 and $38,000.

Bitcoin started a decent recovery wave from the $36,400 zone.
The price is still trading below $38,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $37,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear $37,800 and $38,000 to start a steady increase in the near term.

Bitcoin Price Corrects Losses
Bitcoin price started a steady decline from well above the $38,000 level. BTC traded below the $37,000 level and settled below the 100 hourly simple moving average.
However, the bulls were active above the $36,000 and $36,200 levels. A low was formed near $36,300 and the price is now correcting losses. There was a clear move above the $37,000 resistance. The price climbed above the 23.6% Fib retracement level of the downward move from the $39,290 swing high to $36,300 low.
Bitcoin is now consolidating near the $37,500 level. It is still trading below $38,000 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $37,600 level.
The first major resistance is near the $37,800 zone. There is also a key bearish trend line forming with resistance near $37,800 on the hourly chart of the BTC/USD. The trend line is near the 50% Fib retracement level of the downward move from the $39,290 swing high to $36,300 low.

Source: BTCUSD on TradingView.com
The 100 hourly simple moving average could also act as a hurdle near $37,800. A clear move above the trend line resistance and $38,000 could set the pace for a steady increase.
Fresh Decline in BTC?
If bitcoin fails to start a fresh increase above $38,000, it could start another decline. An immediate support on the downside is near the $37,000 zone.
The first major support is seen near the $36,300 zone. Any more losses might call for a move towards the $36,000 support zone. If the bulls fail to protect $36,000, there could be a sharp decline in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $36,300, followed by $36,000.
Major Resistance Levels – $37,800, $38,000 and $39,250.

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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