Bitcoin Steady Near $38,000 – Daily Technical Outlook

Bitcoin fell below $40,000 against the US dollar, gaining bearish momentum. BTC is vulnerable to further declines towards the $37,200 and $36,600 levels.

Bitcoin’s Price Continues to Fall

Bitcoin’s price has struggled to remain above the $40,000 support level. As a result, BTC/USD has continued to fall below the $39,550 support level and the 100 hourly simple moving average.

The price was trading below the 61.8 percent Fib retracement level of the main increase from the swing low of $37,160 to the swing high of $42,550. Under the $39,200 and $39,000 support marks, it is now displaying a few bearish signs.

Bitcoin is also testing the 76.4 percent Fib retracement level of the main increase from the swing low of $37,160 to the swing high of $42,550 at $38,430. If there is a minor recovery wave, the price may encounter resistance near $38,850. The next major resistance on the upside is located around $39,000.

On the hourly timeframe of the BTC/USD pair, a key bearish trend line is forming with resistance near $39,000. The price may rise further if there is a clear move above the $39,000 resistance zone. The next major resistance is near the $39,550 level and the 100 hourly SMA, above which a steady recovery wave above the $40,000 resistance zone is possible.

More Bitcoin Losses?

If Bitcoin fails to break through the $39,550 resistance level, it may continue to fall. On the downside, there is immediate support near $38,400.

The next significant support is seen near $38,000. The main support is located near the previous swing low of $37,140. If the price breaks below the $37,140 support, it may gain bearish momentum. In the aforementioned scenario, it could fall to $36,600 or even $36,000.

Good luck!

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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