Bitcoin price failed to surpass $39,500 and is currently having a decline. The price is likely to reach $35,000 in short-term. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin attempted to surpass $39,500 and $40,000 but failed.
- Currently, the price is below $38,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we can see a new downtrend forming with resistance level at $38,850.
- It is likely for BTC to continue downwards and lose the $36,000 support level.
Bitcoin Price Action Analysis
Following yesterday’s fluctuations, Bitcoin failed to surpass the key $38,800 level. However, it also failed to reach $39,500 and $40,000. The highest recorded price for Bitcoin in the past few hours is at $39,490 before a correction.
Following that, BTC lost the $38,800 and $38,000 support levels and is currently, below $38,000. The 1-hour candles are below the SMA100 and the lowest recorded price is at $36,782. At this point, Bitcoin price is trying to recover.
The first resistance level is at $37,420 which is near the 23.6% Fibonacci retracement level from the latest fall from $39,490 to $36,782. The next resistance level will be $38,200 near the 50% Fibonacci retracement level. More importantly, we have a new downtrend forming on the 1-hour chart with resistance level at $38,850. In case of a successful breakthrough, the price could approach $39,400 and the SMA100. Inevitably, BTC must stabilize above $40,000 to turn bullish again.
On the other hand, if Bitcoin price fails to surpass $38,850, the downtrend will continue. In which case, the first support level is at $36,800 followed by $36,500. Dipping below $36,500 could bring BTC as low as $35,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $38,200, $38,500 and $39,500 are the crucial resistance levels for BTC.
Support levels: The $36,800 and $36,550 are currently the key support levels for the price.
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