By Nathan Ferguson
- BTC shows a bearish signal under the vital zones of $40K and $39K.
- The world’s largest crypto hovers under $39.5K and 100 hourly Simple Moving Average.
- BTC/USD’s 1hr chart shows a vital bearish line developing with $38,550 resistance.
- Bitcoin might dip further if it fails to push past $39,550.
Bitcoin trades within a bearish territory beneath $39K. The bellwether crypto may fall further if it extends the struggle under the $39.5K mark.
BTC Price Still Struggle
Bitcoin maintained its price actions within a bearish region under the crucial support of $40K. The dominant crypto tried a recovery move from $38.5K but could not overpower the resistance area of $39,550.
Recently, the crypto witnessed another downside move from the resistance of $39,550 and 100hr Simple Moving Average. That had BTC on a smooth drop under the support levels of $38.8K and $38.5K. Such bearish actions saw Bitcoin breaching beneath the $38K support level.
Bitcoin printed a low of around $37,627 and consolidated losses at the moment. Meanwhile, the crypto moves higher, exploring levels beyond the 23.6% Fibonacci retracement area of the latest plunge from a swing high of $39,499 to $37,625.
Upside actions by BTC will meet the initial resistance at $38,550. Furthermore, the 1hr chart shows a critical resistance line emerging with the resistance of $38,550. The trend-line corresponds with the 50% Fibonacci retracement are of the latest plunge from $39,499 to $37,625.
A decisive move past the resistance around $38,550 might see Bitcoin climbing higher. The following hurdle stands at the $39,550 mark, beyond which BTC might ride extended upsurges. That way, the bellwether crypto can rise to challenge the $40K resistance area.
Further Downtrends in Bitcoin?
Bitcoin can suffer continued downswings if it fails to overcome the resistance of $38,550. Downward price actions will secure the first support around the $37.5K mark. More plunges will hit the foothold at $37,650. Meanwhile, Bitcoin’s primary support stands near $37,150. A break beneath this support might see BTC gaining bearish momentum. In such a case, the crypto might plunge towards $36.5K or even $36K.
Technical Indicators
Support levels: $37,650, then $37,150
Resistance levels: $38,550, $39,550, and then $40,000