Last Updated on 3 weeks by cryptoevent
Bitcoin’s value is currently undergoing a corrective phase, retracting from the $38,000 region. Presently, BTC is in a consolidation phase, eyeing potential upward movements beyond the $37,250 resistance level.
Here’s a breakdown of the recent market developments:
- Bitcoin initiated a correction from the $38,000 resistance level.
- The current trading price hovers around $37,000, accompanied by the presence of the 100-hourly Simple Moving Average.
- A short-term declining channel is taking shape, with resistance around $37,250 on the BTC/USD hourly chart sourced from Kraken.
- Despite a recent dip below the $37,250 mark, the cryptocurrency is consolidating its gains and may initiate a new upswing towards $38,000.
Bitcoin’s price trajectory indicates an ongoing uptrend:
- Bitcoin recently surged above the $36,800 resistance, gaining momentum to surpass the $37,000 resistance zone and enter a positive trend.
- Although it briefly peaked at $38,000, a corrective downturn followed, reaching $35,850.
- A subsequent recovery saw a renewed ascent above $37,250, encountering resistance at $37,500, forming a high around that level.
- Currently, Bitcoin is consolidating its recent gains, trading close to $37,000 and the 100-hourly Simple Moving Average.
Potential scenarios for Bitcoin’s movement:
- Immediate resistance lies around $37,200, with a short-term declining channel forming resistance at $37,250 on the hourly BTC/USD chart.
- A breakthrough past $37,500 could lead to further acceleration, testing the $38,000 level. Subsequent gains might propel BTC towards $38,800.
- Failure to breach the $37,250 resistance zone could result in downward movement.
- Initial support exists around $36,700, followed by a more significant support zone near $36,500 or the 61.8% Fib retracement level.
- A move below $36,500 raises the risk of further declines, potentially reaching the key support level at $36,000 in the near term.
- Hourly MACD shows a slowdown in bullish momentum.
- Hourly RSI for BTC/USD is now below the 50 level.
Key support and resistance levels:
- Major Support Levels: $36,700, followed by $36,500.
- Major Resistance Levels: $37,250, $37,500, and $38,000.