Bitcoin price failed to surpass the $40,000 and is currently having a price correction. Right now, it is above $36,000. Here is a summary of Bitcoin price in the past 24 hours:
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- Following a failure to surpass $39,250, BTC started a downtrend.
- Currently, BTC is below $38,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we see Bitcoin has dipped below a key support level at $37,500.
- It is likely for Bitcoin price to approach $36,000 or even $35,500.
Bitcoin Price Action Analysis
Bitcoin failed to break through $40,000. The highest recorded price in the past 24 hours is at $39,290 before having a decline. Subsequently, BTC lost the $38,000 support level and dipped below the SMA100. Furthermore, we see BTC has lost a key support level at $37,500 on the 1-hour chart.
With that, the price penetrated the 76.4% Fibonacci retracement level from the latest rise from $36,665 to $39,290. For the time being, BTC is showing bearish signs while below $37,000.
The first resistance level is at $37,200 followed closely by $37,500. However, the key resistance level is expected to be $38,000 and the SMA100. In case of a successful break through from $38,000, we could expect a short-term rally. In which case, Bitcoin price could approach $39,250 once again.
On the other hand, if Bitcoin price fails to surpass $38,000, the downtrend will continue. For this scenario, the first support level will be around $36,650 followed by $36,000. This level is near the 1.236 Fibonacci retracement level. Further decline can bring BTC close the $35,500. At that point, losing this level would be detrimental for BTC and could bring it all the way down to $33,200.
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 below 50.
Resistance levels: Right now, the $37,500, $38,000 and $39,250 are the crucial resistance levels for BTC.
Support levels: The $36,000 and $35,500 are currently the key support levels for the price.
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