Bitcoin price is moving lower below the $37,000 level. BTC could continue to move down toward the $36,000 level or even $35,000 zone in the coming sessions.
- Bitcoin is showing bearish signs and moving lower from the $37,750 resistance.
- The price is trading below $37,400 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $37,380 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down if it breaks the $36,750 support.
Bitcoin Price Extends Decline
Bitcoin price started a downside correction after it spiked toward the $38,500 zone. BTC followed a bearish path and settled below the $37,200 level (as discussed in yesterday’s post).
There was a drop below the $37,000 level. A low was formed near $36,720 and the price is now consolidating losses. It climbed a bit above the 23.6% Fib retracement level of the recent drop from the $38,432 swing high to the $36,720 low.Bitcoin is now trading below $37,400 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $37,400 level. There is also a key bearish trend line forming with resistance near $37,380 on the hourly chart of the BTC/USD pair.
The first major resistance is forming near $37,570 or the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent drop from the $38,432 swing high to the $36,720 low. The main resistance is now near the $38,000 level. A close above the $38,000 resistance might start a strong increase, potentially influencing both the trading and markets where similar volatility can affect gaming strategies.
