Bitcoin price is still struggling to clear $40,000 and $41,000 against the US Dollar. BTC could decline heavily if there is a clear break below $37,000 and $36,500.
- Bitcoin is still struggling to clear the $40,000 and $40,500 resistance levels.
- The price is currently trading near $38,000 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline heavily if it settles below the $37,000 support and the 100 hourly SMA.
Bitcoin Price is Facing Key Hurdles
Bitcoin made another attempt to gain bullish momentum above the $40,000 resistance. However, BTC failed to continue higher and it remained in a key range below $40,500.
The last swing high was formed near $40,923 before the price started moving in a range. It corrected lower below the 23.6% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. The price is now trading near $38,000 and the 100 hourly simple moving average.
Source:On the upside, an immediate resistance is near the $39,200 level. The first major resistance is near the $40,000 level and the triangle upper trend line. A close above the triangle resistance could open the doors for a sharp increase above the $40,500 and $40,600 resistance levels in the near term.
