Bitcoin Price Continues to Decline, Testing Key Support Levels

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Bitcoin price is currently on a downward trend, falling below the $37,000 level. It is expected to continue moving lower towards the $36,000 level or even the $35,000 zone in the near future. The cryptocurrency is showing bearish signs and has dropped below the $37,400 mark and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $37,380. If the support at $36,750 is broken, the price could further decline. Bitcoin started a downside correction after reaching the $38,500 zone and dropped below the $37,000 level. It formed a low near $36,720 and is currently consolidating losses. The price briefly climbed above the 23.6% Fibonacci retracement level of the recent drop, but is now trading below $37,400 and the 100 hourly Simple Moving Average. The immediate resistance is near $37,400, followed by a major resistance at $37,570 or the 100 hourly Simple Moving Average. The main resistance is at $38,000, and a close above this level could trigger a strong increase. If Bitcoin fails to rise above the $37,570 resistance zone, it is likely to continue moving down. The immediate support on the downside is near $36,720, with the next major support at $36,500. A move below $36,500 could lead to further downsides, with the price potentially dropping towards the $35,650 support level. Technical indicators suggest a bearish trend, with the MACD gaining pace in the bearish zone and the RSI for BTC/USD below the 50 level. In summary, Bitcoin price is currently experiencing a downward correction and could continue to decline towards the $36,000 level or even the $35,000 zone. The cryptocurrency is facing resistance near $37,400 and $37,570, with the main resistance at $38,000. On the downside, immediate support is at $36,720, followed by $36,500. Technical indicators indicate a bearish trend for Bitcoin.

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