#Bitcoin #BTC #PriceAnalysis #TechnicalAnalysis #CryptoNews #Cryptocurrency #AsianSession #ResistanceLevels
Bitcoin (BTC) struggled to maintain its recent gains during the Asian session, facing resistance around the $38,000 level. The cryptocurrency pulled back from its recent upside advances, with stops being triggered below the $37,225 level. This represented a retracement of 23.6% from the recent price range and tested the broader retracement level of 23.6% from the previous appreciating range. Despite this pullback, BTC/USD remains close to its 18-month high of $37,999.
During the recent appreciation, significant stops were triggered above various levels, including $35,965.04, $37,165.61, and $37,516.08. These stops were associated with upside price objectives at different levels. Further upside price objectives within these ranges include $38,602, $42,721, and $44,481. Technical support and potential buying pressure can be found at $33,499, $32,873, $32,561, $31,351, and $30,837. Traders also note that the moving averages are showing a bullish signal, with the 50-bar MA (4-hourly) above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, on the hourly chart, the 50-bar MA is bearishly indicating below the 100-bar MA and the 200-bar MA. In conclusion, BTC/USD is facing resistance at certain levels while finding support at others, indicating a volatile market for Bitcoin traders.
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