This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Bitcoin price continues to face resistance near the $38,500 zone, failing to break through once again. However, it is currently consolidating above the 100 hourly Simple Moving Average (SMA) and may attempt another increase. The price is trading above $37,400 and the 100 hourly SMA, with a key bullish trend line forming around $37,350. If the price manages to clear the $38,500 resistance, it could start a fresh rally, with the next key resistance levels at $39,200 and $40,000. On the downside, immediate support is near $37,550, followed by $37,350. If the price breaks below $37,350, there is a risk of further downsides towards the $36,720 support level. Technical indicators show that the MACD is losing pace in the bullish zone, while the RSI is near the 50 level. Overall, the Bitcoin market is currently facing resistance but remains supported above key levels.