{"id":464341,"date":"2021-05-24T03:08:59","date_gmt":"2021-05-24T03:08:59","guid":{"rendered":"https:\/\/wncen.com\/?p=464341"},"modified":"2024-06-11T13:55:55","modified_gmt":"2024-06-11T13:55:55","slug":"bitcoin-btc-could-struggle-37k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-could-struggle-37k\/","title":{"rendered":"Bitcoin TA: Here\u2019s Why BTC Could Struggle To Surpass $37K"},"content":{"rendered":"<p><em>Bitcoin price tested the $30,000 support and it is now recovering higher against the US Dollar. BTC is likely to face a strong selling interest near $37,000 and $38,000.<\/em><\/p>\n<ul>\n<li>Bitcoin extended its decline and it even traded close to the $30,000 support.<\/li>\n<li>The price is now well below the $38,000 resistance and the 100 hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $37,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to face a strong selling interest near the $37,000 zone and the 100 hourly SMA.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Facing Hurdles<\/h2>\n<p>Bitcoin failed to stay above the $35,000 support and it <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-btc-could-rally-42000\/\" target=\"_blank\" rel=\"noopener \">extended its decline<\/a>. BTC even broke the $32,000 support zone and it settled well below the 100 hourly simple moving average.<\/p>\n<p>It almost tested the $30,000 support zone and a low was formed near $31,037. Recently, it started an upside correction above the $32,000 and $33,000 levels. There was a break above the 50% Fib retracement level of the recent decline from the $38,827 swing high to $31,037 swing low.<\/p>\n<p>Bitcoin is now facing resistance near the $35,800 level. It represents the 61.8% Fib retracement level of the recent decline from the $38,827 swing high to $31,037 swing low.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Bitcoin-16.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-464342\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Bitcoin-16.png?resize=1828%2C867\" alt=\"Bitcoin Price\" width=\"1828\" height=\"867\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Bitcoin-16.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Bitcoin-16.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Bitcoin-16.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Bitcoin-16.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Bitcoin-16.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Bitcoin-16.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Bitcoin-16.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The main resistance is now forming near the $37,000 level. There is also a key bearish trend line forming with resistance near $37,000 on the hourly chart of the BTC\/USD pair. The 100 hourly simple moving average is also near the $37,000 resistance zone.<\/p>\n<p>A clear break above the trend line resistance and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-btc-bullish-reversal-above-40k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a> could open the doors for a larger recovery towards the $40,000 level. An intermediate resistance is near the $38,000 level.<\/p>\n<h2>Fresh Drop in BTC?<\/h2>\n<p>If bitcoin fails to clear the $37,000 resistance, there is a risk of a fresh decline. An initial support on the downside is near the $34,000 level.<\/p>\n<p>The first major support is now forming near the $32,000 zone. A downside break below the $32,000 support could start a fresh decline towards the $30,000 support zone in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $34,000, followed by $32,000.<\/p>\n<p>Major Resistance Levels \u2013 $35,800, $37,000 and $38,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price tested the $30,000 support and it is now recovering higher against the US Dollar. BTC is likely to face a strong selling interest near $37,000 and $38,000. Bitcoin extended its decline and it even traded close to the $30,000 support. The price is now well below the $38,000 resistance and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $37,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to face a strong selling interest near the $37,000 zone and the 100 hourly SMA. Bitcoin Price is Facing Hurdles Bitcoin failed to stay above the $35,000 support and it extended its decline. BTC even broke the $32,000 support zone and it settled well below the 100 hourly simple moving average. It almost tested the $30,000 support zone and a low was formed near $31,037. Recently, it started an upside correction above the $32,000 and $33,000 levels. There was a break above the 50% Fib retracement level of the recent decline from the $38,827 swing high to $31,037 swing low. Bitcoin is now facing resistance near the $35,800 level. It represents the 61.8% Fib retracement level of the recent decline from the $38,827 swing high to $31,037 swing low. Source: BTCUSD on TradingView.com The main resistance is now forming near the $37,000 level. There is also a key bearish trend line forming with resistance near $37,000 on the hourly chart of the BTC\/USD pair. The 100 hourly simple moving average is also near the $37,000 resistance zone. A clear break above the trend line resistance and the 100 hourly simple moving average could open the doors for a larger recovery towards the $40,000 level. An intermediate resistance is near the $38,000 level. Fresh Drop in BTC? If bitcoin fails to clear the $37,000 resistance, there is a risk of a fresh decline. An initial support on the downside is near the $34,000 level. The first major support is now forming near the $32,000 zone. A downside break below the $32,000 support could start a fresh decline towards the $30,000 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $34,000, followed by $32,000. Major Resistance Levels \u2013 $35,800, $37,000 and $38,000.<\/p>\n","protected":false},"author":67,"featured_media":464343,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-464341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin TA: Here\u2019s Why BTC Could Struggle To Surpass $37K<\/title>\n<meta name=\"description\" content=\"Bitcoin price tested the $30,000 support and it is now recovering higher against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin TA: Here\u2019s Why BTC Could Struggle To Surpass $37K","url":"http:\/\/wncen.com\/news\/bitcoin-btc-could-struggle-37k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-could-struggle-37k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_764448946.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_764448946.jpg?fit=1000%2C577"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-05-24T03:08:59Z","datePublished":"2021-05-24T03:08:59Z","dateModified":"2024-06-11T13:55:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin TA: Here\\u2019s Why BTC Could Struggle To Surpass $37K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-could-struggle-37k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-could-struggle-37k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_764448946.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_764448946.jpg?fit=1000%2C577\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-05-24T03:08:59Z\",\"datePublished\":\"2021-05-24T03:08:59Z\",\"dateModified\":\"2024-06-11T13:55:55Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_764448946.jpg?fit=1000%2C577","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/464341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=464341"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/464341\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/464343"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=464341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=464341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=464341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}