Bitcoin price failed to surpass $40,000 and had a strong plunge falling as low as $35,277. Currently, BTC is making an attempt to recover. As long as Bitcoin remains below the SMA100, further decline can be highly likely. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin lost the $37,500 key support level.
- Currently, the price is below $36,000 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we can see a critical resistance level at $38,000.
- In case BTC fails to move above the SMA100, there could be further decline to follow.
Bitcoin Price Action Analysis
Bitcoin surpassed the $38,600 and $39,200 resistance levels and at some point moved beyond $39,800. The highest recorded price in the past few days has been $40,020 before the selling pressure emerged. Subsequently, the sellers pushed the price down as BTC lost the $39,000, $38,600 and $38,200 support levels. Following that, Bitcoin price dipped below $37,500 and the lowest recorded price is at $35,277. At this point, the buyers came to support the price.
As of now, Bitcoin is trading below $36,000 and the 1-hour candles are well below the SMA100. On the 1-hour chart, we see a key resistance level forming at $38,000.
The first resistance level for BTC will be $36,400 near the 23.6% Fibonacci retracement level from the latest fall from $40,020 to $35,277. Following that, the $37,500 and the SMA100 will be critical resistance levels for BTC. In case of a breakout, the $37,700 near the 50% Fibonacci retracement level will be next followed by $38,000. However, it is likely that the sellers are waiting to increase pressure at this level.
On the other hand, if Bitcoin price fails to surpass $36,400, the plunge will likely continue. In that case, the $35,700 will be the first support level for the price followed by $35,200. This level is located on the downtrend and dipping below it would be very much bearish. For this scenario, Bitcoin will likely approach $34,500.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward momentum.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $36,400, $37,000 and $38,000 are the crucial resistance levels for BTC.
Support levels: The $35,200 currently the key support levels for the price.
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