Bitcoin’s price rose above the $37,500 resistance level versus the US Dollar. BTC has now corrected downward after failing to clear $38,500.
- Bitcoin traded above $38,000, but it couldn’t break through to $38,500.
- The price is now significantly higher than $35,000 and the 100 hourly simple moving average
- On the hourly chart of the BTC/USD pair, there was a break below a significant bullish trend line with support near $36,500. (data feed from Kraken).
- Although the pair may continue to fall, the bulls are likely to remain active near $35,000.
Gains in Bitcoin’s Price
Bitcoin reached a new high of $35,000 and continued to rise. Even though BTC broke through the $37,500 resistance, the bulls were unable to push through the $38,500 barrier.
The price has now moved downwards after reaching a peak near $38,425. The recent decline began when it broke the $37,000 support level.
Are Dips Accepted in BTC?
If bitcoin fails to break through the $37,500 resistance, it may continue to fall. On the downside, $36,000 serves as an initial support level.
Near the $35,500 level, the first substantial support is found. Near the $35,000 level and the 100 hourly SMA, the main support is forming. It’s close to the 50% Fib retracement level of the rising wave from the swing low of $31,052 to the high of $38,423.
