Bitcoin Price Prediction – Double Bottom to Support at $37,500
Bitcoin is facing resistance against the US dollar near $38,200. BTC is still vulnerable to further declines unless it moves above the $39,000 resistance level. BITCOIN is encountering significant resistance near the $38,200 and $39,000 levels. The Price is currently trading below $38,500 and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, there is a key bearish trend line with resistance near $38,350. The pair must break through the $38,350 and $38,800 resistance levels to begin a steady rise.
Bitcoin’s Price Remains in a Downward Trend
Bitcoin price attempted to break out to the upside above the $38,800 and $39,000 resistance levels. On the other hand, BTC struggled to break through the $39,000 resistance zone and began a new decline.
A swing high was formed near $39,170, and the Price began to fall again. The Price fell sharply below the $38,800 and $38,500 levels. The bears even drove the Price below $38,000, with a close below the 100 hourly simple moving average. A low has been formed near $37,507, and the Price is now correcting its losses. The Price rose above the 23.6 percent Fib retracement level of the recent drop from the $39,169 swing high to the $37,507 low.
Bitcoin is currently encountering resistance near the $38,350 level and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, there is also a key bearish trend line with resistance near $38,350. The trend line is holding near the 50% Fib retracement level of the recent drop from the $39,169 swing high to the $37,507 low. The next major resistance mark could be around $38,800. A close above the $38,800 resistance level may increase the likelihood of a clear move above the $39,000 resistance zone.
More Bitcoin Losses?
If Bitcoin fails to break through the $38,350 resistance level, it may continue to fall. On the downside, there is immediate support near $37,700.
The next significant support is seen near $37,550. A break below the $37,550 support level and the recent low could result in significant losses. The next major support level is $36,500, below which the Price could fall to $35,000 or lower. Good luck!
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