This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Bitcoin price is currently struggling to break above the $38,000 level, indicating bearish signs and a potential decline below the $37,150 support. The cryptocurrency is facing strong resistance near the $37,750 mark and is trading below both the $37,500 level and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a bearish trend line is forming with resistance near $37,450. If the support at $37,150 is broken, the price could continue to move downwards. In recent trading, Bitcoin made an unsuccessful attempt to surpass the $37,750 resistance level. Although it briefly spiked above $38,000, it failed to sustain this level and dropped below both $38,000 and $37,750. The price is currently consolidating losses after forming a low near $37,151. It is displaying bearish signs below the 23.6% Fibonacci retracement level of the recent decline. Bitcoin is currently trading below $37,500 and the 100 hourly Simple Moving Average. The immediate resistance is around $37,400, with a bearish trend line forming near $37,450. The first major resistance is at $37,750, followed by the main resistance at $38,000. A close above $38,000 could potentially trigger a strong increase in price, with the next key resistance levels at $38,500 and $39,200. In this scenario, Bitcoin could even rally towards the $40,000 resistance level. However, if Bitcoin fails to rise above the $38,000 resistance zone, it could initiate a fresh decline. The immediate support on the downside is at $37,150, followed by the major support level at $36,700. A move below $36,700 could lead to further downside, potentially dropping the price towards the $36,000 support level. The next key support or target would be $35,650. 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 is currently facing resistance near $37,750 and struggling to break above the $38,000 level. If it fails to do so, there is a risk of a fresh decline with immediate support at $37,150 and major support at $36,700. On the other hand, a close above $38,000 could lead to a strong increase in price, potentially pushing Bitcoin towards the $40,000 resistance level.