Bitcoin price started a fresh decline after it failed to clear $38,000 against the US Dollar. BTC is now struggling below $36,500 and it remains at a risk of more losses.
- Bitcoin started a fresh decline from well above the $38,000 support level.
- The price is now trading well below $37,000 and the 100 hourly simple moving average.
- There is a crucial bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue lower if it fails to clear the $36,200 and $36,500 resistance levels.
Bitcoin Price Faces Resistance
Bitcoin failed to continue higher above the $38,000 resistance and started a fresh decline. BTC broke the $36,500 and $35,500 support levels to move into a bearish zone.
The price even broke the $34,000 support level and settled well below the 100 hourly simple moving average. It traded as low as $33,373 and it recently started an upside correction. Bitcoin was able to recover above the $34,000 and $35,000 resistance levels.
Source:It is still trading well below $37,000 and the 100 hourly simple moving average. The 76.4% Fib retracement level of the recent decline from the $36,463 swing high to $33,373 low is currently acting as a resistance. Besides, there is a crucial bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC/USD pair.