Here’s Why BTC Could Struggle To Surpass $37K

Bitcoin price tested the $30,000 support and it is now recovering higher against the US Dollar. BTC is likely to face a strong selling interest near $37,000 and $38,000.

Bitcoin extended its decline and it even traded close to the $30,000 support.
The price is now well below the $38,000 resistance and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $37,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to face a strong selling interest near the $37,000 zone and the 100 hourly SMA.

Bitcoin Price is Facing Hurdles
Bitcoin failed to stay above the $35,000 support and it extended its decline. BTC even broke the $32,000 support zone and it settled well below the 100 hourly simple moving average.
It almost tested the $30,000 support zone and a low was formed near $31,037. Recently, it started an upside correction above the $32,000 and $33,000 levels. There was a break above the 50% Fib retracement level of the recent decline from the $38,827 swing high to $31,037 swing low.
Bitcoin is now facing resistance near the $35,800 level. It represents the 61.8% Fib retracement level of the recent decline from the $38,827 swing high to $31,037 swing low.

Source: BTCUSD on TradingView.com
The main resistance is now forming near the $37,000 level. There is also a key bearish trend line forming with resistance near $37,000 on the hourly chart of the BTC/USD pair. The 100 hourly simple moving average is also near the $37,000 resistance zone.
A clear break above the trend line resistance and the 100 hourly simple moving average could open the doors for a larger recovery towards the $40,000 level. An intermediate resistance is near the $38,000 level.
Fresh Drop in BTC?
If bitcoin fails to clear the $37,000 resistance, there is a risk of a fresh decline. An initial support on the downside is near the $34,000 level.
The first major support is now forming near the $32,000 zone. A downside break below the $32,000 support could start a fresh decline towards the $30,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $34,000, followed by $32,000.
Major Resistance Levels – $35,800, $37,000 and $38,000.

Shakira

I’m a professional writer specializing in the field of cryptocurrencies. My work has been published in numerous online and offline publications which has made me one of the leading authorities in this industry. In addition to my work as an author, I’m also a highly sought-after speaker on the topic of cryptocurrency investing. I have given talks at some of the world’s most prestigious financial institutions, and my advice is regularly featured in the media.