Bitcoin price is correcting gains from the $38,000 zone. BTC is now consolidating and might aim for more upsides above the $37,250 resistance zone.
- Bitcoin started a downside correction from the $38,000 resistance zone.
- The price is trading near $37,000 and the 100 hourly Simple moving average.
- There is a short-term declining channel forming with resistance near $37,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is consolidating gains and might start a fresh increase toward $38,000.
Bitcoin Price Remains In Uptrend
Bitcoin price started a fresh increase above the $36,800 resistance zone. BTC gained pace for a clear move above the $37,000 resistance zone to move further into a positive zone.
It even rallied toward $38,000 before there was a downside correction to $35,850. Recently, there was a fresh increase above the $37,250 level, but the bears were active near $37,500. A high is formed near $37,500 and the price is now consolidating gains.Bitcoin is now trading near $37,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $37,200 level. There is also a short-term declining channel forming with resistance near $37,250 on the hourly chart of the BTC/USD pair.